Thursday, February 2, 2012

Lynas Corp Fires up whilst Mantle Mining gets ASX query

The ASX 200 regained all of yesterday's losses and end up 42.1 points to 4267.8 for the day.

All eyes were on Lynas Corporation (LYC) as the share price surged over 19%, up $0.255 to $1.59 after confirming that Malaysia's AELB board approved the granting of a 2 year temporary operating licence for their rare earths project in Gebeng, Malaysia. The company will be granted a permanent operating licence should it comply with the terms of the temporary licence. Those that had long CFD positions with a guaranteed stop loss (to protect on the downside should the licence not have been granted) will be very happy. Macquarie has maintained an outperform tag on the stock.

Elsewhere, Mantle Mining (MNM), which has been a favourite on this blog surged to a high of $0.125. The volume on and just after market open was phenomenal and I thought that it could be a massive day. Unfortunately the ASX lodged a price query with the company which capped any larger run that may have been on the cards. I liked the response from MNM. Whilst the company advised there is no explanation for the rise in volume and price it did say the following:

"The Company is at an exciting stage in its development.

The Company is progressing a drilling program at Bacchus Marsh and expects to have further results from that program available during February and March.

The Company also notes that trial dates for its action relating to the Mt Mulligan tenements have been set for early March."

MNM closed up $0.01 to $0.115 and the buy side of the depth is still reasonably stacked.

Yesterdays scan came up with Pan Asia Corp Ltd (PZC), today the stock opened at $0.145 and flew to a high of $0.175 early morning before being sold off for the rest of the day and closing at the opening price.

My scan says that tomorrow's stock to watch is Pancontinental Oil (PCL). The stock was up $0.014 to $0.11 today on 6.7 million units.

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