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Australian stocks have fallen for a fourth straight session with mining and bank stocks pulling the All Ords down 21.6 points or 0.4% to 5310.6.
The Materials Index fell 1.6% to 8258.6 points. UBS Group AG cut its iron ore price forecasts noting that the biggest producers will expand low-cost supply while demand growth remains weak.
Major miners were all down with () down 1.0% to $26.92 while (ASX:RIO) fell 2.4% to $54.22.
() dropped 2.1% to $2.29 and Newcrest () is down 2.3% to $12.15.
Market action here…
Shares in () jumped 13.6% to $0.125 with more than 6.2 million shares trading hands.
The company is focused on reducing its net debt with cash flow from its Kipoi Copper Project in the Democratic Republic of Congo.
It is also confident of refinancing the US$100 million Taurus bridge facility which is due for repayment in mid-October 2015.
The solvent extraction and electrowinning plant at Kipoi continues to achieve nameplate copper cathode production rates of 25000 tonnes per annum with the company seeking to maximise efficiencies and cashflow.
These will continue to process ore from existing stockpiles at Kipoi thereby extending the period before recommencing mining activities.
() was up 14.7% to $0.195 () gained 11.9% to $2.35 while () rose 20% to $0.006.
() gained 25.7% to $0.22 and White Cliff Minerals () is up 14.3% to $0.008.
Other Blue Chip stocks
Oil and Gas
Oil Search () down 0.1% to $7.19
() up 1.8% to $7.49
() down 1.4% to $35.05
Big 4 banks
ANZ Bank (ASX:ANZ) down 0.7% to $31.44
() down 0.1% to $83.62
() down 0.7% to $33.46
() down 1.2% to $32.73
Other banks financials and industrials
() down 0.5% to $5.39
() down 0.5% to $11.81
Bendigo and Adelaide Bank () down 0.8% to $12.70
() down 0.1% to $55.87
Suncorp () down 0.6% to $13.94
() up 0.5% to $6.20
Retailers
JB Hi-FI () down 1.1% to $16.32
() up 0.9% to $42.55
Woolworths () up 0.9% to $30.26
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