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28$FMG (-3,92 %) that worked out well 💵
The beginning of a new era in mining.
Dino Otranto, Chief Executive Officer of Fortescue Metals, said: "We have leveraged our strong track record as a pioneer in autonomy and our technological expertise to develop zero emission fleets to enable the industry to move away from pilots and prototypes. The fully integrated AHS will be a game changer for us in reducing our carbon emissions.
We have more than 200 autonomous trucks operating in our mines, making the equivalent of two trips to the moon and back every month. It is essential that they operate efficiently and at maximum capacity," explains Otranto.
The business is historic and full of superlatives. Not only is it the biggest deal in Liebherr's history, Australia is also one of the top producers of iron ore, lithium, gold, zinc, nickel and cobalt. Australia will remain the largest lithium producer in 2023. Unsurprisingly, mining is Australia's largest export industry. Fortescue is the third largest mining company in Australia behind BHP and Rio Tinto.
Sept 25 (Reuters) - The Australian resources sector surged more than 3% on Wednesday as investors piled their money into beaten-down mining stocks after China unveiled a bumper stimulus to pull the world's second-biggest economy out of a deflationary slump.
The mining sub-index <.AXMM> has rallied 6% over the past two sessions, jumping more than 3% on Wednesday to end at its highest level since mid-July.
Global mining giants BHP Group and Rio Tinto advanced 3.8% each, while Fortescue soared over 4.7% to an eight-week high.
Fifteen out of the top 20 performers in the ASX 200 benchmark index <.AXJO> were miners on Wednesday.
That rally has come relative to the banking index <.AXFJ> which has lost 4% this week. It ended 1.7% lower on Wednesday at its lowest level since late August.
Analysts at Morgan Stanley last week wrote improvement in commodity signals and firmer signs of soft landing globally could be the potential triggers for rotation out of banks.
"News of China stimulus saw significant rotation out of banks and into resources," they wrote in a client note on Wednesday.
"Commodity signal and ultimate execution of (China's) policy agenda will be key to durability of any further repositioning away from (Australian) banks in our view."
To be sure, the banking sector is still the best performer in Australia this year with more than 22% growth, including the day's moves, underpinned by strong flows from pension funds although valuations remain stretched.
The mining index, on the other hand, has declined more than 13% this year, making it the worst performing sector in Australia, as commodity prices remained under pressure owing to sluggish demand from a struggling Chinese economy.
(Reporting by Sameer Manekar in Bengaluru)
Keywords: AUSTRALIA MINERS/STOCKS
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