Last week’s other top-gaining mining stocks on the TSX were PolyMet Mining, TMAC Resources, Almonty Industries and Horizonte Minerals.
The decline was caused by a drop in the gold price, which impacted the materials sector. The energy sector was 1.1 percent lower, weighed down by falling oil prices and an impending oil production ramp up in Russia and Saudi Arabia.
Last week’s top-performing TSX stocks included miners focused on precious, critical, industrial and base metals. The five TSX-listed mining stocks that saw the biggest share price gains are as follows:
- PolyMet Mining (TSX:POM)
- Katanga Mining (TSX:KAT)
- TMAC Resources (TSX:TMR)
- Almonty Industries (TSX:AII)
- Horizonte Minerals (TSX:HZM)
Here’s a look at those companies and the factors that moved their share prices last week.
PolyMet Mining is a mine development company exclusively working on permitting, building and operating the NorthMet copper–nickel-precious metals project in Northeastern Minnesota. PolyMet’s share price saw the greatest increase last week, rising 32 percent to close on Friday at C$1.32.
On Thursday (June 14), PolyMet received notice from the US Forest Service that the land exchange between the agency and PolyMet will close June 28, 2018. The completion of the exchange will allow PolyMet to move ahead with NorthMet.
Katanga Mining is a copper and cobalt exploration and mining company that currently has a large-scale integrated metallurgical operation in the Democratic Republic of Congo (DRC). Katanga’s share price saw a double-digit rise last week of 22.64 percent, ending the week at C$1.30.
The growth is likely due to the Tuesday (June 12) announcement Katanga made. The company reported the settlement of a DRC legal dispute, which ended favorably for Katanga and its regional partners.
TMAC Resources is a gold-focused company, and its Doris mine began commercial production during the second quarter of 2017. TMAC’s share price was up 8.74 percent last week, closing at C$6.20.
TMAC released a report on June 14 highlighting record-setting May processing plant results, an improved balance sheet and high-grade exploration results from its Doris and Madrid properties.
Almonty Resources is currently developing its Sangdong tungsten mine in South Korea. Almonty’s shares began trading on the TSX on June 1 and performed well last week. The company rose 8.7 percent, ending the week at C$0.75. Almonty made no announcements during that period.
Horizonte Minerals is a nickel company presently focused on developing the Araguaia project as a ferronickel mine in Brazil. Horizonte shares were up 7.14 percent last week closing at C$0.075.
The company did not release any news last week; however, the previous week, Horizonte announced the appointment of Numis Securities as its new nominated advisor.
Data for 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.