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Australian stocks surge 50% and more

Australian stocks surge 50% and more

CANBERRA: Australian-listed mining and exploration juniors saw some big share prices gains over the past week on limited company news as investors continued to digest June quarter results. The shares of manganese exploration and mining company OM Holdings (AU:OMH) rose 65% in the past week as manganese output from the Bootu Creek mine in Australia’s Northern Territory continued to ramp up after starting production in February. Total output from the mine in the June quarter was 190,682 tonnes, up from 97,148t the previous quarter.

Uranium explorer Manhattan Corp (AU:MHC) saw shares gain 61.3%, despite the last news coming from its June quarter highlights, in which it said there was little likelihood of progressing its flagship Ponton uranium project in Western Australia during the Labor government’s four-year term. It cited the WA government’s policies as well as the preference for renewable and emerging power storage over nuclear. Canada-focused Atrum Coal’s (AU:ATU) shares rose 61.1% as it appointed Max Wang as its managing director and CEO to start at the end of August after an extensive search. He has a number of years’ experience in the coal industry as the former chairman of the Coal Association of Canada, where he is still vice chairman, and as a board director of Winsway Coking Coal Holdings (HK:1733). Energia Minerals (AU:EMX), which owns the Gorno zinc project located in Italy’s Lombardia region, saw its shares rise 53.8% through its exposure to the zinc price, which jumped to a record high of US$3,009 per tonne this week. Mineral exploration company AVZ Minerals (AU:AVZ) this week raised A$13 million (US$10.3 million) through a completed placement with Huayou Cobalt Group (CH:603799) for 186 million ordinary shares and 86 million options. Its shares rose 50.5% on the news.