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Performance of Companies in Metals and Mining Sector on August 17

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Performance of miners of base metals and precious metals on August 17

On Wednesday, August 17, the stocks related to base metals weakened whereas precious metal–related stocks declined. At 3:45 PM EDT, the PowerShares DB Base Metals ETF (DBB) gained ~0.22% and the SPDR S&P Metals & Mining ETF (XME) fell by ~0.8%. The SPDR Gold Shares ETF (GLD) gained ~0.03%.

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EMR Capital to buy Glencore’s copper mine

According to the latest reports, EMR Capital is in the last stage to buy Glencore’s (GLNCY) Cobar copper mine. EMR Capital, a natural resources private equity firm, is expected to pay ~$400 million for Glencore’s mine in Australia.

EMR Capital is under management by natural resource investment specialist Owen Hegarty, a former executive of Rio Tinto (RIO). The completion of this deal would accelerate the debt reduction program of Glencore, whose debt stood at $25.9 billion at the beginning of 2016.

Since the beginning of 2016, Glencore has gained close to ~90%. At 11:39 AM EDT on Wednesday, August 17, Glencore was trading at $4.98, a drop of ~2.3%.

Top five performers in the gold industry

Below are the top five companies in the gold industry on Wednesday, August 17.

  • Gold Standard Ventures (GSV) rose by ~3.2%.
  • DRD GOLD Limited (DRD) rose by ~1.1%.
  • Eldorado Gold Corporation (EGO) rose by ~1.1%.
  • Sibanye Gold Limited (SBGL) rose by ~1.1%.
  • Entree Gold Inc. (EGI) remains unchanged

Bottom five performers in gold industry

Below are the bottom five companies in the gold industry on Wednesday, August 17.

  • Anglogold Ashanti (AU) fell by ~3%.
  • Banro Corporation (BAA) fell by ~4.2%.
  • Timmins Gold Corp. (TGD) fell by ~4.8%.
  • Harmony Gold Mining Company (HMY) fell by ~5.1%.
  • International Tower Hill Mines (THM) fell by ~7.9%.
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