Mining shares suffer as oil prices tumble

Mining shares had their biggest back-to-back weekly losses in four years after signs of slowing growth in China, plunging oil prices and asset writedowns at BHP Billiton Ltd sparked a selloff across the industry.

All base metals fell on Friday. The Bloomberg World Mining Index sank 3.1 per cent, led by Anglo American and Glencore. In the past two weeks, the gauge has lost 15 per cent of its value, the most since 2011. Copper touched a fresh six-year low and aluminium, lead, nickel and zinc slid more than 1 per cent in London.

Metals have endured a torrid start to the year along with other commodities as volatility in China’s equity and currency markets rattled investors worldwide, spurring an aversion to risky assets. BHP, the world’s largest mining company, sank 6.7 per cent. – (Bloomberg)