Sydney -- The S&P / ASX 200 Index
Despite the bad news, these three stocks managed to post rises of more than 5%.
Discovery Metals Limited (ASX: DML.AX) posted a 7% gain to close at $1.455, continuing its impressive run. In the last five days, the copper miner has seen its share price rise by more than 23%. Discovery Metals is focused on copper exploration and production in Botswana, Africa. Its 100%-owned Boseto Project started production in the first half of this year, and production is expected to ramp up to 50,000 tonnes of copper per year.
Bathurst Resources Limited (ASX: BTU.AX) added 2.5 cents to close at 43 cents, a rise of 6.2%. The coking coal company is currently fighting environmental appeals against its Escarpement mine project, with the appeal date set for mid- to late October. The company is fairly confident the appeals will be overturned, as the area has been heavily mined in the past.
Gindalbie Metals Ltd (ASX: GBG.AX) rose 5.1% to end at 31 cents. The company gave a presentation today, and announced that production of iron ore at its 50% owned Karara mine is expected to commence shortly, and all necessary infrastructure is in place. Gindalbie has a life-of-mine contract with partner Ansteel for its Karara iron ore, virtually guaranteeing demand for its product for many years.
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