Performance of Companies in Metals and Mining Sector on August 17



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%.

Article continues below advertisement

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%.

More From Market Realist