Despite that overall increase, Reuters says the index fell for a second consecutive day on Friday (November 3) after reaching record highs earlier in the week.
On Friday, gold hit a one-week low as the US dollar strengthened; silver was also on track for a weekly loss. Base metals were hurt by a strong dollar as well, but nickel was set to gain nearly 10 percent for the week.
Against that backdrop, a number of TSX-listed stocks in the mining sector saw share price increases last week. The five top gainers are as follows:
- Largo Resources (TSX:LGO)
- Chalice Gold Mines (TSX:CXN)
- Ivanhoe Mines (TSX:IVN)
- Orocobre (TSX:ORL)
- Brio Gold (TSX:BRIO)
Here’s a look at those companies and the factors that moved their share prices last week.
Largo Resources is focused on the production of vanadium pentoxide at its Vanadio de Maracas Menchen mine. Largo also has interests in a portfolio of other projects, including the Currais Novos tungsten tailings project, the Campo Alegre de Lourdes iron-vanadium project and the Yukon-based Northern Dancer tungsten-molybdenum property.
The company’s latest news came on October 26, when it announced the results of a life-of-mine study for Maracas Menchen. Its share price gained 21.84 percent last week to reach $1.06.
Chalice Gold Mines
Chalice Gold Mines is an exploration and development company with a portfolio of “high-reward” exploration projects in mining jurisdictions that are known to host world-class mineral deposits. Currently it holds properties in Quebec, Western Australia and Australia’s Northern Territory.
On October 27, the company released its quarterly activities report. Last week, Chalice Gold saw its share price spike 13.51 percent to close the five-day period at $0.21.
Ivanhoe Mines is advancing three projects in Africa: the Platreef platinum-palladium-gold-nickel–copper discovery in South Africa’s Bushveld Complex; the Kamoa-Kakula copper project in the Central African Copperbelt; and the Kipushi zinc-copper-silver-germanium mine, also in the Copperbelt.
Last week, Ivanhoe’s share price increased 12.06 percent to close at $4.74. During the period, the company announced that Shaft 1 at Platreef has reached a depth of 500 meters; that’s more than halfway to the planned depth of 980 meters. Initial concentrate production is expected by 2022.
Orocobre is building a substantial Argentina-based industrial chemicals and minerals company through the construction and operation of its portfolio of lithium, potash and boron projects and facilities in the Puna region of the country. On October 27, the company published its quarterly activities report. Last week, Orocobre’s share price increased 6.05 percent to close the five-day period at $5.26.
Last but not least is Brio Gold, which has significant gold production-, development- and exploration-stage properties in Brazil. The company’s portfolio includes three operating mines: the Fazenda Brasileiro mine, the Pilar operation and the RDM mine; its Santa Luz mine is currently on care and maintenance.
On October 31, the company released its third-quarter financial results. Its share price rose 5.88 percent on the news to end at $1.80.
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Data for 5 Top TSX 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.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.