Materials Shares Climb as Copper Prices Rally -- Materials Roundup

By Amy Pessetto, copydesk@dowjones.com Features Dow Jones Newswires

Shares of miners and other commodities processors were higher as copper prices rallied after severe weather hit some mines in South America and labor issues recurred in Indonesia.

Continue Reading Below

Investors turned their attention to the snow and strong winds seen so far this week in northern Chile's Atacama Desert. The weather had reduced output at BHP Billiton Ltd.'s Escondida mine, Codelco's Chuquicamata operation, and Antofagasta PLC's Zaldivar project among others.

In an escalation of tensions after recent strikes, Freeport-McMoRan Inc. announced its decision to fire 3,000 workers from its Indonesian Grasberg mine, according to SP Angel's John Meyer. That figure accounts for roughly 10% of the mine's total workforce.

Meanwhile, one of the activist investors targeting BHP Billiton Ltd. for a sweeping overhaul is sounding out possible candidates for a shake-up of the resources company's board. Tribeca Investment Partners is holding private talks with a number of people, believing a majority of BHP's 11-person board oversaw some of the mining and energy company's missteps in recent years but haven't been held responsible, said Craig Evans, a portfolio manager at the Sydney-based hedge fund.

(END) Dow Jones Newswires

June 08, 2017 18:20 ET (22:20 GMT)