NEW YORK ( TheStreet) -- Mines Management (MGN), Hecla Mining (HL - Get Report), and Coeur d'Alene Mines (CDE - Get Report) were the top metals and mining stocks gainers last week.
Mines Management was among the major gainers, up 38%. The company has been carrying on its exploration activities, with its corporate development team seeking additional resource opportunities in the North and South Americas. Hecla Mining up 29.7%, joined the advancers' list. The stock is offering attractive returns to investors due to the run-up in metals stocks. Base metals and precious metals have been rallying on the weaker dollar index and the
's recent quantitative easing package, reigniting confidence in the U.S. economy.
Coeur d'Alene Mines gained 20% last week after it reaffirmed its full year 2010 production guidance, estimating a 135% increase in gold production to about 170,000 ounces.
Coal producers stocks advanced on the strong global demand for steel-making coal and renewed merger talks in the industry.
Alpha Natural Resources
, together accounting for almost a third of domestic metallurgical production, are negotiating an acquisition deal,
reports. Recently, Alpha made a takeover offer for Massey.
Massey Energy increased 11.1%, as demand for metallurgical coal has been weakening in the U.S. and some parts of Europe, leading to a situation where supplies fall short of demand and pushing the prices higher.
accumulated 9.3% after it became known that Peabody and Alpha Natural Resources are seeking to buy Australia-based
through a formal bidding process,
reports. The company, which is valued at $3.6 billion, is also attracting other potential bidders such as
China Shenhua Energy
Yanzhou Coal Mining
With coal prices on a roll, coal stock
escalated 17.3% during the past one week. Despite reporting a net loss during the third quarter, Patriot Coal operates in a strong coal market. Looking ahead to the fourth quarter, the company estimates sales volume in the range of 8 to 8.4 million tons.
North American Palladium
Platinum Group Metals
advanced 17.9% and 20%, respectively.
There were no losers among the metals and mining stocks past week as gains in the metals complex pushed stocks higher.