Base metal and precious metal miners on August 8
On August 8, stocks related to base metals lost momentum, while precious metal–related stocks fell lower. At 3:05 PM EST, the PowerShares DB Base Metals (DBB) and the SPDR S&P Metals & Mining ETF (XME) gained ~0.05% and ~0.19%. The SPDR Gold Shares (GLD) fell ~0.03%.
Suspension lifted on Glencore’s Zambia mine
Glencore (GLNCY) is one of the largest copper miners in the world. It lifted the production suspension at the Zambia mine. On April 5, Glencore suspended production in its Zambia copper mine due to four miners dying in separate accidents in the mine. Recently, Glencore announced its plan to invest about $1.1 billion for the next two years in the Zambia mine by using new technology to sink three new shafts. This is expected to increase the life of the Zambia copper mine by 25 years.
Since the beginning of 2016, Glencore has gained about 90%. At 11:15 AM EST on August 8, it was trading at $5.03—a gain of ~1.6%.
Top five performers in the gold industry
Below are the top five companies in the gold industry on August 8 at 3:45 PM EST.
- Solitario Exploration & Royalty (XPL) rose by ~9.6%
- Almaden Minerals (AAU) rose by ~4.6%
- Asanko Gold (AKG) rose by ~4.3%
- Timmins Gold (TGD) rose by ~5.0%
- IAMGold (IAG) rose by ~3.3%
Bottom five performers in the gold industry
Below are the bottom five companies in the gold industry on August 8.