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Singapore / DPA
The surging gold price has lifted gold mining stocks in Singapore. The precious metal has jumped almost 20 per cent in price since the end of last year to trade above US$1,250 per ounce in recent weeks.
Of the three gold miners listed on the Singapore Exchange, two have bucked the bearish tide across the wider market to notch up double- digit gains so far this year, according to an SGX My Gateway report.
CNMC Goldmine Holdings has shot up 21.7 per cent this year. The Singapore-headquartered miner started operations in 2006 and had produced more than one tonne of gold bullion as of July 2014. It is focused on developing a gold field in Kelantan, Malaysia.
The other counter – Wilton Resources Corp – has gained 13.8 per cent in the same period. The firm is involved in exploration in West Java, Indonesia, and has yet to start any gold production.
But the third gold miner, Anchor Resources, failed to impress on its debut on the Catalist board on Saturday. The counter closed at 14.6 cents, 42 per cent below its initial public offering price of 25 cents. It has mining and production facilities in Terengganu, Malaysia.