The S&P/ASX 200 Index (ASX: XJO) is starting the week in a subdued manner. In afternoon trade, the benchmark index is down 0.35% to 8,602.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Andean Silver Ltd (ASX: ASL)
The Andean Silver share price is down 12% to $1.84. This morning, the silver developer revealed that it has received firm commitments for a $30 million placement to institutional and sophisticated investors. The placement was undertaken at $1.85 per new share, which represents an 11.5% discount to its last close price. Andean's chief executive, Tim Laneyrie, said: "We have an abundance of opportunities to drive growth and value creation. The proceeds from the Placement and SPP will help us unlock these opportunities through drilling programs, project studies and potential land acquisitions. We are on track to deliver a resource upgrade in the new year while ramping up our drilling to grow and upgrade the resource."
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 5% to $1.60. This follows news that the uranium producer is one of six shares that will be kicked out of the benchmark ASX 200 index at the next quarterly rebalance. Boss Energy shares will be removed from the index at the start of trade on 22 December. This may have forced some fund managers with strict investment mandates to sell its shares today.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 9% to $1.59. This has been driven by the release of the pre-feasibility study (PFS) for the Gonneville Palladium-Nickel-Copper Project. The PFS confirmed a long life, globally competitive critical minerals mine in Western Australia, which it believes will generate $4.7 billion in free cashflow (pre-tax) over an initial 23 year open-pit mine life. It also estimates that it has a rapid payback of 2.7 years. However, a final investment decision on the project is not expected until the first half of 2028. This means there is significant uncertainty with respect to commodity price assumptions used in the PFS.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down 1.5% to $136.45. This is despite copper prices rising on Friday. Some investors may be taking profit after strong gains were made in recent months. For example, since this time six months ago, Rio Tinto's shares remain up 25%. In other news, this morning Macquarie Group Ltd (ASX: MQG) retained its neutral rating and $130.00 price target on the miner's shares.
