Copper Mountain (ASX:C6C) shares zoom over 17% today, here's why

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Copper Mountain (ASX:C6C) shares zoom over 17% today, here's why

Copper Mountain Mining Corporation, Copper prices, Eva Copper Project, the Copper Mountain mine
Image source: © Eamesbot | Megapixl.com

Highlights

  • The shares of Copper Mountain Mining Corporation soared 17.307% at AU$3.050 per share on ASX at 3:05 PM AEST today.
  • Copper prices rebounded yesterday (May 17) after investors hoped China would soon lift its lockdown restrictions.
  • The S&P/ASX 300 Metals and Mining Index (ASX:XMM) was up 2.590% higher at AU$5758.900 points at 3:29 PM AEST.

The share price of ASX-listed Canadian based mining company Copper Mountain Mining Corporation (ASX:C6C) soared 17.307% at AU$3.050 per share on ASX at 3:05 PM AEST today. The drastic jump in the company's shares was seen though there was no market sensitive announcement from its side on the ASX board.

One possible reason for today's rise in the company's share price is yesterday's recovery in the Copper prices in overseas markets after investors hoped that China would soon lift its lockdown restrictions. At one point on Tuesday, copper prices touched $4.28 a pound on the Comex market. Nevertheless, the broader metals and mining sector also fared well today as the S&P/ASX 300 Metals and Mining Index (ASX:XMM) was up 2.590% higher at AU$5758.900 points at 3:29 PM AEST.

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Copper Mountain Mining Corporation is engaged in the production, development and exploration of world-class copper mining sites and commands a market capitalisation of AU$539.89 million.

Shares of Copper Mountain Mining Corporation have fallen 38.13% in the last one year, while the stock is down 18.45% year-to-date (YTD). 

Image Source: © gopixa | Megapixl.com

About Copper Mountain

The company's flagship asset, the Copper Mountain mine located in southern British Columbia, produces roughly 100 million pounds of copper equivalent annually.

Copper Mountain Mining Corporation's development organic growth pipeline includes the highly significant Eva Copper Project in Queensland, Australia. Eva Copper is likely to add roughly 100 million pounds of copper equivalent every year, on average, over its 15-year mine life.

Recent development

Last week, while responding to market speculation concerning a possible transaction related to the Eva Copper Project, the company stated that it regularly reviews strategic opportunities to enhance shareholder value. It further added that there are no pending transactions regarding the Eva Project to note at this time. 

Read More: SRG Global (ASX:SRG) secures AU$95M contract from Alcoa, shares jump

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