5 Top Weekly TSX Stocks: Western Resources’ Potash Project Closer to Construction

As last week drew to a close, Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was down by 50.8 points to 16,538.05, or 0.31 percent, on Friday (July 5).

In the news, gold was still enjoying stellar heights, though it took a little dip at the end of the week as the US Federal Reserve pondered the future of interest rates. In other news, OPEC oil output was down again as Trump’s sanctions bit.

The iron ore price remains an issue of note globally, with the shockwaves of Vale’s (NYSE:VALE) tailings dam collapse continuing to hold the price up. Australian companies are shifting to fill the gap in production.

The Canadian miners on the TSX were a very mixed bag, with a range of different commodities up. Here are the top five gainers on the TSX from last week:

• Western Resources (TSX:WRX)
• PolyMet Mining (TSX:POM)
• Platinum Group Metals (TSX:PTM)
• Katanga Mining (TSX:KAT)
• Avesoro Resources (TSX:ASO)

Read on to find out a little about what each company is up to lately.

Western Resources

Western Resources was formerly known as Western Potash, but diversified itself in order to branch into other minerals.

A subsidiary called Western Potash still exists, and last week the company announced that it had awarded a contract for the construction of its Milestone Phase 1 potash project in Saskatchewan, which it said would be the newest and most innovative potash mine in Canada.

On the TSX, Western Resources was up by 38.78 percent last week, trading at C$0.34 by Friday.

PolyMet Mining

PolyMet is a Minnesota-focused company that is currently developing its NorthMet copper–nickel project. It’s knocking at the door of construction, with the final federal permit to construct the mine issued in late March.

PolyMet’s most recent news was at the end of June, when it announced that mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF) had purchased 69 percent of the company.

The company has been on the up since, and was up by 18.87 percent last week to reach C$0.63.

Platinum Group Metals

South Africa-focused Platinum Group Metals is unsurprisingly in the business of platinum and palladium production, with projects in the Bushveld complex. The company is currently working on a definitive feasibility study on its Waterberg project there.

At the end of June, the company closed a private placement that raised US$1.3 million towards completing the aforementioned study.

On the TSX last week, Platinum Group Metals was up by 15.66 percent to reach C$1.92.

Katanga Mining

Another arm of Glencore’s vast empire, Katanga Mining is a copper and cobalt company in the Democratic Republic of the Congo. Over the last few months its share price has been suffering as its subsidiary, the Kamoto Copper Corporation (KCC), was struggling with illegal miners trespassing at its operations, with DRC armed forces entering the area in response to the issue.

The most recent news was all about the illegal mining, which has lead to dangerous conditions and the death of 19 miners not associated with the KCC on KCC land. This has yet to impact KCC’s own production rates.

With the news that the DRC was sending in the troops to take control of the situation, Katanga had a slight recovery on the TSX, with its shares up by 14.75 percent to C$0.35. Last week’s closing value was far from a full recovery, however, with the company down 32.69 percent year-to-date.

Avesoro Resources

Avesoro Resources is a West Africa-focused gold mining company with operating assets in Liberia, which is host to its flagship New Liberty mine, as well as Burkina Faso.

Avesoro’s news is the same as last time; in late June, it announced the filing of a NI 43-101 technical report for its Youga gold mine in Burkina Faso, saying the report supports the company’s claim that it has increased the mineral reserves of Youga by 23 percent.

Avesoro’s shares were up by 13.33 percent in Toronto last week, reaching C$1.19.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.

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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.