Sector movers: String of updates boost miners

12th Oct 2011 15:24

A string of updates from mining firms helped the sector rise by an average 2.6% on Wednesday afternoon, with blue chip BHP Billiton among the best performers on the FTSE 100 by 15:38.BHP announced this morning that it has given the green light for US$1.2bn to be invested in the first phase of the Olympic Dam Project to develop an open pit mine in South Australia. Shares were up 2.85%.Beowulf Mining soared over 20% after a report showed that its Ruoutevare and Kallak projects could produce $9.1bn and $8.4bn, respectively, in revenues over a 15-year mine life.Kazakhstan-based mining group Hambledon flew 16% higher after seeing "substantial improvements" in its processing operations during the past six months. The firm achieved a 35% increase in its material movement during the quarter ended 30 September.Herencia Resources jumped 13% after announcing more high grade drill assay results at Paguanta, with particularly high grades (248g per tonne) of silver, which the managing director said was "particularly encouraging".EMED's share prices rose over 8% after saying it has received political backing for restarting the Rio Tinto copper mine in Andalucia, southern Spain. The mine has been out of action since 2000 when it closed under previous owners due to the then low copper price. EMED took over in 2008 and since then has been negotiating to start digging once more.Also heading higher was Vatukoula Gold Mines following the discovery of a new ore zone at its mine in Fiji, which "substantiates our belief that our Fiji operation has excellent potential to expand its current resource and reserve base with high grade ore zones," said its chief executive officer.In contrast, the gas, water and multiutilies sector wasn't performing too well, with the average share price movement being -0.93%.FTSE 100 giant SSE, the utility company formerly known as Scottish & Southern Energy, was out of favour falling 0.97% after Goldman Sachs added the stock to its 'conviction sell' list.BCTop performing sectors so far todayIndustrial Metals & Mining 4,535.42 +4.12%Life Insurance 3,868.08 +3.13%Forestry & Paper 5,611.88 +2.96%Personal Goods 20,703.49 +2.82%Mining 20,403.35 +2.61%Bottom performing sectors so far todayTobacco 31,637.43 -1.80%Gas, Water & Multiutilities 4,729.08 -0.93%Electricity 8,241.32 -0.80%Construction & Materials 3,325.78 -0.78%Food & Drug Retailers 4,627.64 -0.64%