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Mining Stocks Boosted Yet Again By FreePort's Timok Sale

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Mining stocks climbed on Friday after Lundin Mining Corporation (USA) (OTC: LUNMF) agreed to acquire an interest in Freeport-McMoRan Inc (NYSE: FCX)'s Timok project located in Serbia in a transaction worth $262.5 million.

On the news, Freeport-McMoRan surged 12 percent to $10.20 and Lundin Mining climbed 12 percent to $3.33. Gerdau SA (ADR) (NYSE: GGB) rose 19 percent to $1.23, Vale SA (ADR) (NYSE: VALE) advanced 18 percent to $4.85 and Banco Bradesco SA (ADR) (NYSE: BBD) gained 11 percent to $7.15.

The recent increase in base metal stocks implies that markets may have hit the bottom and is on a revival mode. In addition, stimulus measures from China are helping the prices of gold and copper and in turn, may boost the stocks of mining firms.

 

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