Golden Queen Mining’s share price rose an impressive 70 percent last week.
Last Friday, the S&P TSX Composite index (INDEXTSI:OSPTX) closed down 2.76 points, or 0.02 percent, at 12,445.45 points. According to Reuters, that’s its eighth lower close in a row.
The news outlet states that relief about gains in the Chinese stock market didn’t last long, leaving the index unable to rise despite positive news regarding US and Canadian jobs.
Nevertheless, some resource-focused stocks on the TSX managed to perform well last week. Golden Queen Mining (TSX:GQM) was the top riser, and it was followed by St. Augustine Copper & Gold (TSX:SAU), Gabriel Resources (TSX:GBU), Atalaya Mining (TSX:AYM,LSE:ATYM) and Semafo (TSX:SMF). Here’s a look at what moved those companies’ share prices last week.
Golden Queen Mining
As mentioned, the top-gaining resource stock on the TSX last week was Golden Queen Mining, whose share price rose 70 percent to hit $1.19.
That rise came after the company announced the start of commissioning activities at its California-based Soledad Mountain gold–silver project. According to the company, construction work is on schedule, and the first gold pour at the project is expected to take place in February.
St. Augustine Copper & Gold
St. Augustine Copper & Gold was another big gainer on the TSX last week, rising 36.84 percent to close the period at $0.13.
The increase was spurred by the news that the Philippines’ Mines and Geosciences Bureau has approved the declaration of mining project feasibility for the company’s King-king copper-gold project. According to Paolo A. Villar, president and CEO of St. Augustine, that “removes the last significant hurdle to move forward with the development of the King-king Project.”
Gabriel Resources’ share price rose 28.57 percent last week to reach $0.18, but it did not release any news that would explain the gain. The company holds the Rosia Montana gold-silver project in Romania, but is currently locked in a dispute regarding its development with the Romanian government. Last summer, Gabriel filed a request for international arbitration against the Romanian government.
Like Gabriel Resources, Atalaya Mining did not release any news last week; however, its share price nevertheless saw in impressive increase, rising $21.05 percent to hit $2.30. The company is currently focused on restarting its Riotinto copper project in Spain, and last released news in November.
West Africa-focused Semafo also didn’t put out any news last week, but nevertheless saw its share price rise 20.8 percent to reach $4.24. The company operates the Burkina Faso-based Mana gold mine, and is also developing the Natougou gold deposit. It last released news at the end of December.
Data for 5 Top TSX Stocks articles is retrieved each Friday after market close 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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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