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S&P/ASX 200 dives 1.37% as new COVID-19 cases rise for eighth straight week

Netflix shares slumped more than 10% in after-hours trading after adding just under 4 million subscribers in the first quarter — missing the company’s forecast of 6 million.

Alta Zinc Ltd - S&P/ASX 200
Iron ore prices rose by US$6.55 or 3.6% to a 10-year high of US$187.75 a tonne.

S&P/ASX 200 (INDEXASX:XJO) dived 1.37% to 6,921.5 points by 1 pm on its worst session since late February as new COVID-19 cases worldwide increased for the eighth straight week, with a record 5.2 million infections reported in the past seven days and an alarming growth rate in young people, according to the World Health Organization (WHO).

WHO director-general Tedros Adhanom Ghebreyesus said that deaths also rose for the fifth straight week, pushing the global death toll to over three million.

As of Tuesday morning, the current global COVID-19 caseload and death toll stood at 141,813,257 and 3,027,353, respectively.

BHP achieves record output

BHP Group (ASX:BHP) reported a record quarterly output of iron ore from its mines in Western Australia as the soaring price of iron approaches US$190 a tonne.

The world’s largest miner has raised its copper guidance, trimmed its coal production estimates and kept iron ore and petroleum steady.

BHP produced about 60 million tonnes of iron ore over the quarter, with prices remaining near 10-year highs.

Top gainers

Today’s top gainers on the ASX include Alta Zinc Ltd (ASX:AZI) (+16.67%), Carnavale Resources Limited (ASX:CAV) (+12.50%), Caspin Resources Ltd (ASX:CPN) (+10.39%), Comet Resources Limited (ASX:CRL) (+5.26%) and Archtis Ltd (ASX:AR9) (+5.88%).

Proactive news headlines:

Arafura Resources continues optimisation at Nolans NdPr Project in parallel with offtake and project funding activities

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Walkabout Resources makes strategic shuffle of board and senior management in preparation for development phase

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Alta Zinc continues to enhance Gorno Project in Italy as Ponente drilling returns high zinc-lead grades as well as silver

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Musgrave Minerals pockets more high-grade gold at Cue with Target 14 returning up to 12 metres at 8.7 g/t

Musgrave Minerals Ltd (ASX:MGV) (OTCMKTS:MGVMF) (FRA:6MU) has received further strong results at its flagship Cue Gold Project in Western Australia with regional aircore drilling at Target 14 within the new gold corridor west of Lena returning up to 12 metres at 8.7 g/t from 66 metres.

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Matador Mining generates new gold targets near Window Glass Hill deposit at Cape Ray Gold Project

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EcoGraf’s Kwinana Battery Anode Materials Facility granted Major Project Status

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Metro Mining Ltd (ASX:MMI) is maintaining its strong focus on sustainable development at the Bauxite Hills Project in Far North Queensland as it begins a new year of operations after negotiating the challenges faced in 2020 due to COVID-19.

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