Base Metals

Copper Investing

Last week’s top-gaining stocks on the TSX were Anaconda Mining, Copper Mountain Mining, First Quantum, Galiano Gold and Atalaya Mining. 

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending up last Friday (October 23).

The index received a boost from stronger energy stocks and hopes of US stimulus talks before the election, closing out last week at 16,303.78.

In the commodities space, gold and silver eased on Friday on the back of a stronger US dollar, while copper was on track for a weekly gain.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Anaconda Mining (TSX:ANX)
  • Copper Mountain Mining (TSX:CMMC)
  • First Quantum Minerals (TSX:FM)
  • Galiano Gold (TSX:GAU)
  • Atalaya Mining (TSX:AYM)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Anaconda Mining

Gold mining, development and exploration company Anaconda Mining is focused on Atlantic Canada. The company operates mining and milling operations in the prolific Baie Verte mining district of Newfoundland, including the fully permitted Pine Cove mill, tailings facility and deep-water port. It also holds highly prospective mineral lands, some of which are adjacent to the past-producing, high-grade Nugget Pond mine at its Tilt Cove gold project.

Last Thursday (October 22), the company started a drill program at Tilt Cove. During the five day period, Anaconda’s share price jumped 15.38 percent to end the week at C$0.60.

2. Copper Mountain Mining

Copper Mountain Mining’s flagship asset is the Copper Mountain mine, located in Southern British Columbia near the town of Princeton. It produces approximately 100 million pounds of copper equivalent per year.

The company did not release any news last week, but shares increased 15 percent to end at C$1.15.

3. First Quantum Minerals

Major miner First Quantum Minerals produces mainly copper, in the form of concentrate, cathode and anode, and has inventories of nickel, gold and cobalt.

First Quantum operates eight mines, namely the Kansanshi copper-gold mine, the Sentinel copper mine, the Guelb Moghrein copper-gold mine, the Las Cruces copper mine, the Pyhäsalmi copper-zinc mine, the Çayeli copper-zinc mine, the Ravensthorpe nickel mine and Cobre Panama. The company is also developing the Taca Taca, Haquira and Enterprise projects.

The company did not release any news last week, but shares increased 14.86 percent to end at C$14.22.

4. Galiano Gold

Galiano Gold currently operates and manages the Asanko gold mine, located in Ghana, West Africa. It is jointly owned with Gold Fields (NYSE:GFI).

Despite not releasing any news last week, the company’s share price jumped 13.39 percent to end the period at C$2.08.

5. Atalaya Mining

Atalaya Mining produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in Southwest Spain. In addition, it has a phased earn-in agreement for up to 80 percent ownership of Proyecto Touro, a brownfields copper project in the northwest of Spain.

Last Wednesday (October 21), the company entered into a definitive purchase agreement to acquire 100 percent of the Masa Valverde polymetallic project, located in Huelva, Spain. The company saw its share price go up by 13.33 percent last week to reach C$3.40.

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

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


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