Resource News

The top gainer on the TSX this past week was General Moly. It was followed by Alamos Gold, Ivanhoe Mines, Amerigo Resources and Lydian International. Here’s a look at what moved those companies’ share prices.

The S&P/TSX Composite index (INDEXTSI:OSPTX) lost 26.22 points on Friday to sink to 15,360.55. That’s in addition to a 64-point decline seen Thursday. 

Nevertheless, there were some bright spots in the market. The top gainers this past week were General Moly (TSX:GMO), Alamos Gold (TSX:AGI), Ivanhoe Mines (TSX:IVN), Amerigo Resources (TSX:ARG) and Lydian International (TSX:LYD). Here’s a quick look at what moved those companies’ share prices.

General Moly

General Moly took the top spot on the TSX this week after gaining 40.63 percent to close at $0.90. The US-based company is focused on two main projects, both in Nevada: the Liberty project and the Mount Hope project, in which it holds an 80-percent interest.

On Friday, the company announced a significant investment and security purchase agreement with AMER International Group. AMER is a China-based multinational company, and is one of the world’s largest providers of advanced materials, fine machining and downstream metals refining. General Moly hopes that this partnership and investment will secure full financing for Mount Hope.

“This transaction is a major catalyst for General Moly as it provides a sizable component of our expected equity requirement and greatly strengthens our potential to access global financial institutions, particularly Chinese banks, to finance a significant portion of the remaining capital necessary for the development of the Mt. Hope project,” said Bruce D. Hansen, CEO of General Moly.

Alamos Gold

Alamos Gold closed the week at $8.12 after seeing a weekly gain of 9.58 percent. The Canada-based mid-tier gold producer owns and operates the Mulatos mine in Mexico. Earlier in the week, the company announced a merger with AuRico Gold (TSX:AUQ). The merger is an attempt to establish a single leading intermediate gold producer, combining two high-quality asset portfolios. The value of the merger is approximately $1.5 billion.

“We are every pleased to bring this transaction forward to the benefit of both sets of shareholders,” said John McCluskey, president and CEO of Alamos Gold. “Alamos has remained disciplined in its growth initiatives, building and preserving a robust balance sheet for the right opportunity. We believe the addition of the flagship, long-life Young-Davidson mine is just that opportunity. The combination of diversified production from three mines and a pipeline of low-cost growth projects in safe jurisdictions equate to a leading gold intermediate and a significant re-rate opportunity for our collective shareholders.”

Ivanhoe Mines 

Ivanhoe Mines saw a weekly gain of 8.14 percent to close at $0.93. This week the company announced additional high-grade zinc, copper, silver and germanium drill results from ongoing exploration at its Kipushi mine in the Democratic Republic of the Congo.

“Our underground drilling program at Kipushi is continuing to deliver exceptionally high-grade intercepts in several target areas, while leading to an improved understanding of geology and structural control on the mineralization,” said Robert Friedland, executive chairman of Ivanhoe Mines.

Amerigo Resources

Amerigo Resources made the top five list this week, seeing an 8.11-percent increase to close at $0.40. Amerigo is a producer of copper and molybdenum from its wholly owned subsidiary, Minera Valle Central (MVC).

The company announced its first quarter results on Friday, noting that MVC produced 8.865 million pounds of copper and 0.098 million pounds of molybdenum.

Lydian International 

Lydian International finished out the top five list for the week, seeing a weekly gain of 6 percent to close at $0.53. Lydian is an emerging gold developer with a focus on its 100 percent-owned Amulsar gold project in Southern Armenia.

On April 9, the company announced plans to make changes to the Amsular gold project to take advantage of legislative changes, which will result in reduced operating costs.

“This legislative change is very positive for Armenia’s mining sector and consistent with good international mining practice,” said Howard Stevenson, president and CEO of Lydian. “For Lydian, we expect favorable improvements in several areas of mining operations and environmental impact.”

 

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. 

Related reading: 

5 Top TSX Stocks: MagIndustries in Top Spot with Gain of 16.67 Percent

5 Top TSX Stocks: Lithium Juniors Take the Lead

5 Top TSX Stocks: Allana Potash Soars on ICL Deal

MARKETS

Markets
TSX18444.22+2.38
TSXV594.13+11.54
DOW28725.51-500.10
S&P 5003585.62-54.85
NASD10575.62-161.89
ASX6474.20-80.80

COMMODITIES

Commodities
Gold1660.600.00
Silver19.030.00
Copper3.39-0.03
Palladium2167.880.00
Platinum864.790.00
Oil79.74-1.49
Heating Oil3.23-0.07
Natural Gas6.83-0.05

DOWNLOAD FREE REPORTS

×