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How Did the Metals and Mining Sectors Perform on July 8?


Jul. 8 2016, Published 6:10 p.m. ET

Base metals and precious metals rose on July 8

On Friday, July 8, the stocks related to base metals and precious metals inched higher as the respective metals remained stable. At 03:24 PM EST, the PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose ~1.3% and 4.1%, respectively. The SPDR Gold Shares (GLD) rose ~0.36%.

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AngloGold Ashanti to invest $400 million in Siguiri

AngloGold Ashanti (AU), one of the world’s largest gold producers, is investing about $410 million in Guinea. According to the reports, in order to increase gold production in Guinea, AngloGold Ashanti is investing in the Siguiri gold mine located in East Guinea. AngloGold Ashanti owns 85% of the Siguiri mine, which produces 300,000 ounces of gold per year. The company plans to invest $117 million in the initial stage and the remaining ~$294 million in the next eight years, according to the agreement signed this week. Since the beginning of 2016, AngloGold Ashanti has gained more than 180% because of the rally in gold prices. At 11:28 AM EST on July 8, AngloGold Ashanti was trading at $20.19, a gain of 0.95%.

The movements of the top five five companies in the gold industry at 3:30 PM EST on July 8 were as follows:

  • McEwen Mining (MUX) rose by ~7.1%.
  • DRDGOLD Limited (DRD) rose by ~7.3%.
  • Gold Fields Limited (GFI) rose by ~6.7%.
  • IAMGOLD (IAG) rose by ~6%.
  • Yamana Gold (AUY) rose by ~4.8%.

The movements of the bottom five companies in the gold industry at 3:30 PM EST on July 8 were as follows:

  • Barrick Gold (ABX) fell by ~0.2%.
  • Newmont Mining (NEM) rose by ~0.3%.
  • Agnico Eagle Mines Limited (AEM) rose by ~1.3%.
  • Goldcorp (GG) rose by ~1.7%.
  • Seabridge Gold (SA) rose by ~1.8%.

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