NEW YORK ( TheStreet) - Metalline Mining (MMG) and Horsehead Holding (ZINC - Get Report) were the top metals and mining stocks last week.
Metalline Mining, an exploration-stage company engaged in mining, was among the major gainers, up 26.6%. Recently, the company reported a total of 58 drill holes from its ongoing 2010 and earlier drilling programs at the shallow silver-zinc area in Mexico.
Meanwhile, Horsehead Holding rose 14.1%, after reporting a net loss of $2.4 million for the third quarter compared to a loss of $3.6 million in the year-ago period. For the nine-month period of 2010, Horsehead swung to a net income of $10.1 million, or 23 cents per share, as against a net loss of $27.7 million, or 78 cents per share, in the year-earlier period.
Cloud Peak Energy
(CLD - Get Report)
, operator of three wholly owned coalmines, gained 10.2% last week. For the third quarter, the company reported adjusted EBITDA of $94.5 million as compared to $90.3 million a year ago.
During the first nine months of 2010, Cloud recorded a production of 70.4 million tons, bolstered by strong domestic demand for PRB coal, following the downturn in 2009 and additional demand for exported coal from Asian utilities. For the same period, export volumes to Asia stood at 2.5 million tons, higher than 1.6 million tons recorded in 2009.
(CNX - Get Report)
, engaged in the production of coal and natural gas, jumped 8.1% after
(CVX - Get Report)
agreed to buy
for $3.2 billion to gain access to the Marcellus shale gas reserves in Pennsylvania.
Consol, which also has similar assets, is benefitting from such a purchase as it indirectly supports Consol's Marcellus shale gas business. Additionally, in the current scenario, focus has shifted to Marcellus and what companies are paying for such assets. Recently, Consol declared a regular quarterly dividend of 10 cents per share, payable on November 26.
Natural Resource Partners
(NRP - Get Report)
jumped 6.4% last week. The company posted record revenue of $80.8 million, a 26% year-over-year increase on an upsurge in coal demand. Net income for third quarter soared 56% to $39.4 million. The company has raised its 2010 earnings guidance to $1.40 to $1.50 a share from $1.00 to $1.20 per share earlier.