Mining Stocks Are Performing Well In 2021
There are so many reasons that mining stocks are moving in the market at the moment. In the last year, plenty of mining stocks have reached new record highs. This is due to the pandemic and economic crash that brought the price of precious metals upwards. Investors who held onto mining stocks throughout 2020 were able to make a profit. The price of gold is still holding above $1800 per ounce, and silver is holding above $25 per ounce. This is after a short bullish run gold experienced in the first week of 2021, which pushed it above $1900 per share. The market for mining stocks seems to have no end in near sight. You may be wondering, what things are impacting mining stocks at the moment?
Well, the first of which is the presidential inauguration which will take place on January 20th, 2021. Joe Biden has already announced a $1.9 trillion stimulus bill that will go into effect soon after he is elected. Stimulus hurts the economy which in turn helps mining stocks perform better. Rising covid cases are also causing mining stocks to be able to hold their momentum. There are other types of mining stocks to consider as well when looking to invest in the sector. For example, lithium related mining stocks have exploded in popularity throughout the last year as well. This is due to their connection to electric vehicles. One thing is for sure with mining stocks at the moment, and that is the fact that so many are at heights that have not been seen before. So it can get quite confusing when deciding on which mining stock is the best to invest in. Worry not, as we have compiled a list of four top mining stocks to watch.
Mining Stocks To Watch
- Kinross Gold Corporation (NYSE: KGC)
- Turquoise Hill Resources Ltd. (NYSE: TRQ)
- Teck Resources Limited (NYSE: TECK)
- Equinox Gold Corp. (NYSE: EQX)
Kinross Gold Corporation
First on this list is Kinross Gold Corporation. Kinross Gold is a mining corporation that explores for land, acquires land, and develops gold assets on its properties. The company operates out of the United States, Canada, Russia, and more. It extracts and processes gold ores, then produces and sells the precious minerals. The company had 24.3 million ounces and 55.7 million ounces of proven and probable gold and silver respectively as of December 31st. So how is the company’s performance in 2021 so far?
KGC stock price has gone from under $5 a share to nearly $7 a share on average as of January 19th. Although in the last 5 days, KGC stock has seen a price cut because of falling metal prices. Kinross has now announced that it will release its 2020 fourth quarter and full year financial and operating results soon. The expected date for this is Wednesday, February 10th, 2021 after the market closes. This could be very telling for the direction in which Kinross and KGC stock are headed in the future. So now we await this date to arrive to see the next price movement for KGC stock.
Turquoise Hill Resources Ltd.
Next up is Turquoise Hill Resources Ltd. Turquoise Hill is a mining company that explores for copper, gold, and silver deposits. The company’s essential property is the Oyu Tolgoi copper and gold mine situated in Mongolia. Formerly recognized as Ivanhoe Mines, the company has made a name for itself. Newly, it was announced that the Mongolian Government is considering terminating and replacing the development and financial plan for the above mentioned mine. This caused a price dip in TRQ stock. But there is new info that is impacting it as well.
Turquoise Hill released its fourth quarter production results, as well as its operational and financial guidance for 2021. It reported positive amounts of copper and gold production for the full year. This news did not help TRQ stock move very much though. It is more expected that this mining stock will continue to move in line with the price of precious resources, such as copper and gold. That is the most recent update that has been released by this mining corporation.
Teck Resources Limited
The next mining stock to watch is Teck Resources Limited. Teck Resources is a business that researches, explores, develops, and produces natural resources. The company operates out of the Asia Pacific, the Americas, and Europe. Its main segments are Steelmaking, Coal, Copper, Zinc, and Energy. Teck produces coal, copper, zinc, bitumen, gold, silver, and additional resources. Teck also works in Frontier oil sands projects, and exploration and development projects. The projects mentioned are located in Alberta, Australia, Chile, Ireland, Mexico, Peru, Turkey, and the United States. Let’s see how Teck has performed in 2021.
[Read More] Top Mining Stocks To Watch In Mid January
Unlike some mining stocks, TECK stock has held its momentum in 2021. Many mining stocks went up in the first week of January, and then quickly dropped back down. But this is simply not the case for this mining stock. In 2021, TECK stock price has gone from $18 a share to nearly $21 a share on average as of January 19th.
Equinox Gold Corp.
The final company on this list is Equinox Gold Corp. Equinox Gold is an acquisition, exploration, and developmental based corporation. The company will generally explore for gold, silver, and copper mineral deposits. Its primary location is the Aurizona gold mine, which consists of over 107,023 hectares in Brazil. Equinox Gold correspondingly holds interest in the Mesquite gold mine and Castle Mountain property in California. So how is its stock price performing this year so far?
EQX stock price has performed similarly to many other mining stocks. In week 1 of 2021, it performed extremely well. Then when metal prices pulled back, so did EQX stock price. Recently, the company announced positive drill results from the Piaba Underground and Genipapo Targets at Aurizona. That is the latest update that has come from the company.
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