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Australian stocks have made gains with miners pulling the ASX200 up 85.7 points or 1.6% to 5393.4.
Shares received an early lift on bullish global sentiment ahead of an expected move by the European Central Bank to start quantitative easing.
Major miners made gains with () up 1.7% to $27.96 (ASX:RIO) rising 2.7% to $55.12 and Newcrest () up 3.6% to $13.68. () fell 1.3% to $2.30.
Market action here…
Interest in gold companies was strong with shares in () rose 16.7% to $0.14 with more than 3.5 million shares traded.
Today the company released a mining study indicating the Castle Hill Stage 1 Project with () had the potential to be bigger and deliver A$185 million in surplus cash.
The study by Golder Associates showed the project could deliver 398200 ounces of gold from mining 8.7 million tonnes at 1.51g grams per tonne.
This will be achieved at a 94% recovery rate through Norton's Paddington Mill.
Other key metrics include capital cost of $4.05 million (funded by Norton) Opex of A$1042 per ounce mine life of 8 years at 1Mtpa and total revenue of A$509.7 million.
Castle Hill Stage 1 comprises the Mick Adams Kiora and Wadi deposits.
Other gold-focused companies also made gains with producer () rose 5% to $0.315 with more than 11.3 million shares traded while () is up 8.9% to $0.245.
() gained 5.4% to $0.098 () up 15.2% to $0.038 () rose 11.8% to $0.019 and () is up 10% to $0.033.
Blue Chip stocks
Oil and Gas
Oil Search () down 0.9% to $7.41
() down 0.8% to $7.33
() up 0.8% to $32.51
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.4% to $31.63
() up 1.2% to $84.49
() up 1.3% to $34.01
() up 1.5% to $33.38
Other banks financials and industrials
() up 2.8% to $5.45
() up 0.8% to $11.97
Bendigo and Adelaide Bank () up 0.9% to $12.90
() down 0.1% to $59.75
Suncorp () up 1.5% to $14.06
() up 1.3% to $6.27
Retailers
JB Hi-FI () down 0.6% to $16.14
() up 2.1% to $43.47
Woolworths () up 2.8% to $30.93
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