Australian shares inched down on Thursday, with heavyweight mining stocks extending sharp losses into a third session as iron ore prices continued to slide on worries over Chinese demand.[BENGALURU] Australian shares inched down on Thursday, with heavyweight mining stocks extending sharp losses into a third session as iron ore prices continued to slide on worries over Chinese demand.
Mining behemoths BHP Group and Rio Tinto gave up 2.4 per cent and 3 per cent, respectively, weighing on the benchmark.BHP said it would make a final investment decision on its long-delayed US$17 billion Jansen potash project in Canada around February 2021. It also posted a slight dip in September quarter iron ore production due to planned maintenance at a key port.Miner South32 added as much as 2.2 per cent after it reported a 9 per cent rise in coking coal production for the first quarter.
Australia wealth manager IOOF Holdings hit its highest in more than 10 months after saying it would now pay 13 per cent less than earlier flagged for Australia and New Zealand Banking Group's pension assets, to reflect changing market conditions.ANZ shares dropped as much as 0.3 per cent.
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