These Mining Stocks Could Pull Ahead Before Next Month
2021 has been a strange year for mining stocks in the market so far. Mining stocks experienced quite a price increase in the first week of January. This came as gold prices rose up past $1,900 for the first time in a long time. Many analysts thought this could be the chance for the yellow metal to push itself past $2,000 just like it did back in 2020.
But then gold prices fell in the second week of January, which caused a pull back for most mining stocks. So where do things stand as of January 27th you may be wondering. On the 27th, gold prices fell down a bit for one primary reason. New data was released that announced orders for long lasting U.S. factory goods rose 0.2% in December.
So what is the problem? Well, the expected advance was actually closer to 0.9%. So on the day of January 27th, gold prices fell about $10. But is this really that significant if gold prices are still holding above $1,840? It is important, but it is also good that gold has been able to keep itself above this key price point. On the same day April Comex gold future went down 0.60%. This increase in durable goods was a result of machinery type items that totaled $0.4 billion. Now we await to see what the next big news in the mining sector or the world will be. The pandemic still has a large impact on mining stocks and is part of the reason that precious metal prices have stayed at current price points. Now let’s take a look at the top four mining stocks to watch as we gear towards the end of January 2021.
Top 4 Mining Stocks To Watch
- Piedmont Lithium Limited (NASDAQ: PLL)
- Taseko Mines Limited (NYSE: TGB)
- ArcelorMittal (NYSE: MT)
- First Majestic Silver Corp. (NYSE: AG)
Piedmont Lithium Limited
The first mining stock to watch is Piedmont Lithium Limited. Piedmont is an exploration and development based lithium corporation. The company holds a 100% interest in the Piedmont lithium project that covers 2,126 acres in North Carolina. The resource project holding company additionally has a 61 acre property located in Kings Mountain, North Carolina. Let’s have a look at Piedmont’s 2021 financials and stock performance so far.
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On the day of January 27th, PLL stock price went up nearly 3% per share. As of the day, PLL stock sits at $62.32 a share on average. Just 5 days ago, PLL stock was at $45 per share. This exponential growth for the company is attributed to one main thing. The electric vehicle market uses lithium batteries in its cars. Piedmont has a partnership with Tesla, which has brought great success to the company. One year ago PLL stock was under $9 a share, so you can see how the EV boom has contributed to this mining stock’s success.
Taseko Mines Limited
The next mining stock to watch is Taseko Mines Limited. Taseko is a mining corporation that will acquire, develop, and operate various mineral properties. The company currently holds interest in properties Gibraltar mine in British Columbia, the Yellowhead copper project, Aley niobium project, and other gold and copper projects. Its properties are all located in Canada and Arizona. So how is TGB stock performing now that 2021 has arrived?
On January 27th, Taseko announced the upsizing and pricing of senior secured notes offering. It has priced an offering of $400 million aggregate principal amount of senior notes due in 2026. This is a $75 million increase over its previously announced number. The proceeds will be used for capital expenditures, working capital, corporate projects, and expenses regarding the offering. TGB stock price is down at the moment, but some investors see that as the potential time to buy. In the last year this mining stock went from $0.46 per share to now being at $1.14 a share on average. That is why Taseko has made it on to this list of mining stocks to watch.
ArcelorMittal
Next up on this list of mining stocks is ArcelorMittal. ArcelorMittal is a mining company that owns and operates various steel manufacturing and mining facilities. Its facilities are located in Europe, the Americas, Asia, and Africa. The company’s steel products are slabs, coils, sheets, billets, and more. ArcelorMittal’s mining products include iron ore lumps, concentrates, pellets, and more. These products are primarily sold to companies in the automotive, engineering, construction, machinery, and energy industries. Now let’s have a look at the recent company updates and financials from the company.
[Read More] Top Mining Stocks To Watch Next WeekWell actually, ArcelorMittal is yet to release a company update or financial report in 2021 so far. So as a result, MT stock price is moving with the price of steel, iron, and its other materials. MT stock has performed similarly to many other mining stocks in January. It rose up in the first week, and has declined since with upticks here and there.
First Majestic Silver Corp.
The last mining stock to watch is First Majestic Silver Corp. First Majestic acquires, explores for, develops, and produces product at mineral properties. First Majestic’s main product that it searches for is silver deposits. It owns various mines like the La Encantada mines, San Dimas, and Santa Elena in Canada and Mexico. These properties are more than 160,000 hectares in total size.
The company actually experienced an 11.45% uptick in stock price in the after hours, although falling 2.8% in the trading day. This places AG stock price at $15.50 in after hours trading on January 27th. Its closing price was $13.89 per share of AG stock. In its recent January 20th report, the company had a lot of good to say. Such as its production increasing 5% quarter of quarter in total. That is the latest that has been released from First Majestic.
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