Glencore, Antofagasta: Rise; Biden reportedly backs domestic EV metal mining

Polymet Mining

23/10/2020 11:38

** Shares of commodity trader Glencore PLC  GLEN.L  up 2.4%
at 169 pence, while those of miner Antofagasta PLC  ANTO.L  up
1.3% at 1,053.5p - both outpacing FTSE 350 Mining Index's
 .FTNMX1770  1.2% gain
    ** U.S. presidential contender Joe Biden's campaign
privately tells miners it would support raising domestic
production of metals used in electric vehicles (EV), solar
panels, which are key to his climate plan  urn:newsml:reuters.com:*:nL1N2HD0RW
    ** GLEN-controlled PolyMet Mining Corp  POM.TO  has no plans
to scale back if Biden wins - a source tells Reuters
    ** A Biden administration's possible focus on EVs, which are
relatively copper  CMCU3  intensive, could aid efforts by
Antofagasta unit Twin Metals to secure permits for Minnesota
copper mine
    **  Twin Metals says it is confident it can safely develop
mine
    ** While GLEN's shares down 28.2% YTD, ANTO's shares are up
~15% for same period, partially due to copper hitting
multi-month peaks recently on strong Chinese demand  MET/L 
    


 (Reporting by Aaron Saldanha and Shradha Singh)
 ((Aaron.Saldanha@thomsonreuters.com; +91 9810644993; Reuters
Messaging: Aaron.Saldanha@thomsonreuters.com@reuters.net))