Investors liked Quest Rare Minerals’ futuristic mine transport plan, sending its share price soaring 49.8% to make second place on this week’s list of North American market risers.
  • Staff Reporter
  • 29 Nov 2016

 

The top spot went to Canadian-listed Eco Oro Minerals Corp, which shot up a huge 52.43% on no news in the past week.

Eco Oro is hoping to resolve a dispute with the Colombian National Mining Agency, which in August deprived the company of its mining rights over more than half of the concession area at its multi-million ounce Angostura gold-silver project.

Earlier this month, the company closed the second tranche of a private placement, raising gross proceeds of about US$15 million. Amber Capital LP also announced it had acquired beneficial ownership and control over a convertible promissory note and a contingent value rights certificate, entitling Amber to 10.89% of the gross proceeds of Eco Oro’s arbitration with the government of Colombia under the Canada-Colombia Free Trade Agreement.

Meanwhile, fellow Canadian-listed Quest Rare Minerals delighted the market with its plan to use seven airships for ore, supplies and personnel transportation to its remote rare earth metals Strange Lake project in northern Quebec.

The company this month announced the US$850 million, 10-year dealto use seven Lockheed Martin LMH-1 heavy-lift cargo Hybrid Airships, operated by Straightline Aviation, rather than build a costly road to the remote site.

The company has also said it would develop a renewable energy solution for Strange Lake with Quebec-based energy provider Tugliq.

Improved US market sentiment on stronger economic data and an expected interest rate rise buoyed stocks over the past week, including phosphate developer Stonegate Agricom (up 33.16%) and gold-focused junior Yellowhead Mining (up 29.83%), both rising significantly on no recent news.

http://www.mining-journal.com/market-insight/airship-plan-sends-stock-soaring/

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