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Copper Mountain Mining was the top gainer on the TSX last week, rising an impressive 32.17 percent after the release of its financial results for the first quarter of 2015. It was followed by Ivanhoe Mines, Tahoe Resources, Lundin Mining and IC Potash. Here’s a look at what moved their share prices.
The S&P/TSX Composite index (INDEXTSI:OSPTX) closed at 15,339.77 points this past Friday, up 115.25 points, or 0.76 percent. The rise came as Canadian stocks rallied the most in five weeks, according to Reuters.
In the mining sector, the top gainer was Copper Mountain Mining (TSX:CUM). It was followed by Ivanhoe Mines (TSX:IVN), Tahoe Resources (TSX:THO,NYSE:TAHO), Lundin Mining (TSX:LUN) and IC Potash (TSX:ICP). Here’s a look at what moved those companies’ share prices last week.
Copper Mountain Mining
Copper Mountain Mining secured the top spot on the TSX last week with a weekly gain of 32.17 percent and a closing share price of $1.52. The company’s principal asset is the Copper Mountain mine in Southern British Columbia. Copper Mountain owns 75 percent of the mine, with Mitsubishi Materials (TSE:5711) owning the remaining 25 percent.
On April 27, the company announced its Q1 2015 financial results, noting that it achieved revenues of $71.5 million after pricing adjustments. Copper Mountain was able to sell 21.5 million pounds of copper, 7,600 ounces of gold and 92,700 ounces of silver during the period.
“Looking forward, we see the next twelve months as a period of continued optimization to further strengthen our operating base,” said Jim O’Rourke, president and CEO of Copper Mountain. “Production for 2015 will come mainly from the Pit 2 area and therefore we are anticipating higher gold production. We have a strong operating team and I am confident that the mine will meet our production goals.”
Ivanhoe Mines
Ivanhoe Mines took the second-place spot last week after gaining 19.8 percent to reach $1.21. The company is advancing and developing three principal projects: the Kamoa copper project in the Democratic Republic of the Congo (DRC), the Platreef PGM-gold-nickel-copper project in South Africa and the high-grade Kipushi zinc-copper project, also in the DRC.
The company did not release any news last week, but on April 20 announced the completion of a private placement with China-based Zijin Mining Group (SSE:601899). Zijin, which is one of the largest gold producers in China, now holds a 9.9-percent stake in Ivanhoe Mines.
“Zijin’s confidence and support is a further, welcome affirmation from a major, established resource industry player of the inherent quality of Ivanhoe’s exploration discoveries in Sub-Saharan Africa and their potential to help meet future international demand for precious and base metals,” said Robert Friedland, executive chairman of Ivanhoe Mines.
Tahoe Resources
Tahoe Resources gained 18.07 percent last week, climbing to $17.05. During the week, the company announced financial results for the first quarter of 2015. The company is pleased with its net earnings of $31.9 million.
“Operations at the Escobal silver mine in Guatemala and the La Arena gold mine in Peru continue to perform within guidance,” said Alex Black, Tahoe’s CEO. “A culture of continual cost optimization remains the focus at both operations while keeping high standards of safety and responsibility.”
Lundin Mining
Lundin Mining’s share price climbed to $6.30 last week after gaining 17.76 percent. The company has operations in Chile, Portugal, Sweden, Spain and the US, and focuses on copper, zinc, lead and nickel.
The company released its Q1 2015 results on April 29, and according to Mineweb’s Kip Keen they are “transformational,” as they demonstrate sales of $532 million. That’s up from 2014’s Q1 sales total of $150 million.
IC Potash
IC Potash closed the week at $0.30 following an increase of 17.65 percent. The company owns the Ochoa polyhalite deposit in Southeastern New Mexico, and is focused on a low-cost method of producing potassium sulfate, or sulfate of potash. This product is used as a non-chloride fertilizer for high-value crops such as fruits, vegetables, potatoes and tobacco.
The company did not release any news last week.
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
Editorial Disclosure: IC Potash is a client of the Investing News Network. This article is not paid-for content.
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