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The top gainer this week was MagIndustries; it was followed by EMED Mining Public, Nevada Copper, Pretium Resources and Sandstorm Gold. Here’s a look at what moved their share prices this past week.
The markets were open every day this week following last week’s Easter holiday, and the S&P/TSX Composite index (INDEXTSI:OSPTX) was able to clock another gain.
Specifically, the index ended Friday up 62.12 points, at 15,388.43. That’s up slightly from 15,026.62 at the end of last week, and the seventh session in a row that the index has rallied. According to Reuters, it was boosted by unexpected job gains in March and a rise in the gold price.
The top gainers were MagIndustries (TSX:MAA), EMED Mining Public (TSX:EMD,LSE:EMED), Nevada Copper (TSX:NCU), Pretium Resources (TSX:PVG,NYSE:PVG) and Sandstorm Gold (TSX:SSL,NYSEMKT:SAND). Here’s a look at what moved their share prices this past week.
MagIndustries
MagIndustries took the top spot on the list this week with a gain of 16.67 percent and a close of $0.21. The company, which is focused on the development of potash assets in the Democratic Republic of the Congo, announced earlier this week that is is continuing discussions with potential investor Qinghai Salt Lake Industry Company. Salt Lake is the largest domestic producer of potash in China. While no agreement has been reached, both companies are confident they can work out a deal focused on the manufacturing and distribution of chemical fertilizers.
EMED Mining Public
EMED Mining Public also made the top five this week, increasing 12.5 percent to reach $0.09. EMED is an exploration and development company whose primary goal is to restart its Rio Tinto copper project near Seville, Spain. Earlier this week, the company announced it has received a further $6 million from an unsecured bridging finance facility. This sum is part of a larger loan that now totals $30 million.
“We continue to work with all parties and this further show of support from our cornerstone investors is very pleasing,” said Alberto Lavandeira, CEO and president of EMED. “We remain committed to finalizing our definitive documentation on the long term funding arrangements as we keep on track for the reopening of Proyecto Riotinto.”
Nevada Copper
Nevada Copper closed the week at $1.84, an increase of 8.24 percent. The company owns 100 percent of the Nevada-based Pumpkin Hollow project, which is a large, advanced-stage development property with significant reserves and resources including copper, gold, silver and a large iron source. In February, Pumpkin Hollow hit a major milestone as it reached the 1,900-foot main haulage level at its production-sized shaft, which is lined with concrete and 24 feet in diameter.
Pretium Resources
This is the second week in a row that Pretium Resources has been in the top five. This week, the company closed at $7.62, a 6.87-percent increase over last week. The increases from both weeks follow an announcement the company made April 2 regarding a cooperation and benefits agreement with the Nisga’a Nation. Under the agreement, the Nisga’a Nation will continue to provide support for the development and operation of the company’s Brucejack project in Northwest British Columbia.
“Nisga’a Nation strives for sustainable prosperity and self-reliance, and the benefits from the Brucejack project will make an important contribution towards our improved quality of life,” said the nation’s president, H. Mitchell Stevens. “Our treaty brings certainty to this type of development and we look forward to working with Pretium.”
Sandstorm Gold
Sandstorm took the final spot on this week’s top five with a gain of 6.15 percent, closing the week at $4.66. The company provides upfront financing to gold companies looking for capital. In return, it receives a percentage of the gold produced by such companies.
Last week, Sandstorm released a corporate update highlighting recent achievements, including the purchase of 20 percent of gold produced at the Santa Elena mine in Mexico (operated by SilverCrest Mines (TSX:SVL,NYSEMKT:SVLC)) and 20 percent of gold production from the Bachelor Lake mine in Quebec (operated by Metanor Resources (TSXV:MTO)).
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.
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