Performance of Companies in Metals and Mining Sector on October 10



Strike ends at Freeport-McMoRan’s Grasberg open pit mine

According to a statement released by Freeport-McMoRan (FCX) on Monday, October 10, the strike at its Grasberg open pit mine has come to an end. Freeport-McMoRan added that the ten-day-long dispute between FCX management and the workers’ union ended after management reached an agreement regarding conditions and bonus payments.

The strike at the Grasberg open pit mine—the world’s largest gold mine and the third-largest copper mine—started during the week ended October 7 when 1,200 workers demanded an increase in their monthly bonus.

Since the beginning of 2016, Freeport-McMoRan (FCX) has gained more than 50%. At 12:30 PM EDT on Monday, October 10, Freeport-McMoRan was trading at $10.33, a gain of ~1.93%.

Article continues below advertisement

Performance of miners of base metals and precious metals on October 10

On Monday, October 10, the stocks related to base metals and precious metals moved higher. The PowerShares DB Base Metals ETF (DBB) and the SPDR S&P Metals & Mining ETF (XME) rose ~0.58% and 0.14%, respectively. The SPDR Gold Shares ETF (GLD) rose 0.27%.

Top five performers in the gold industry

Below are the top five companies in the gold industry on Monday, October 10:

  • Timmins Gold (TGD) rose ~4.1%
  • Banro Corporation (BAA) rose ~5%
  • Kinross Gold (KGC) rose ~3.4%
  • Comstock Mining (LODE) rose ~2.2%
  • Exeter Resource (XRA) rose ~3%

Bottom five performers in gold industry

Below are the bottom five companies in the gold industry on Monday, October 10:

  • Entree Gold (EGI) fell ~2%
  • Minco Gold (MGH) fell ~2.7%
  • Primero Mining (PPP) fell ~3.7%
  • Solitario Exploration & Royalty (XPL) fell ~4.2%
  • Gold Standard Ventures (GSV) fell ~5.9%

More From Market Realist