A few weeks after the unaware price decline, Taseko Mines Limited (TSE:TKO), (AMEX:TGB) stock collapsed again, as it seems again unaware.
Though the latest not so positive news related to the temporally postponed prosperity of the company’s Prosperity mine project, the strong turn back of the share price from yesterday looks more like speculative hunting of gains than like consequent investor reflection of the news.
In mid-October, TKO stock spilled 10.01% of its value in one single trading session on the unprecedented volume of 7.6 million shares traded.
Then, Taseko Mines Limited said that “it is unaware of any information that would cause the price of the Company’s stock to change materially”.
Yesterday, the second in row earthquake for the company’s shares happened. TKO stock became one of the volume gainers on the Toronto Stock Exchange, being the third most actively traded security. At the same time, the tumble down of 24.58% from the previous close positioned TKO on the first place according to the percentage decline of the share price.
This time the quake of TKO was stronger, forming a huge gap on the shares’ price chart. The only good news from yesterday that confirmed the bullish mood of investors was that the share price rose by 11.51% within the session.
On Tuesday, Taseko Mines Limited announced that the company’s Prosperity mine project ‘as proposed’ cannot be granted federal authorizations to proceed.[BANNER]
A detailed review of the latest developments on that project and of the good financial standing of Taseko Mines Limited are quite convincing that maybe the Prosperity mine project will prosper in the nearest future. Further more, the project is well accepted by the community and the Provincial Government.
So, looks like if there was not a strong quake in the company itself, there is no other reason than the speculative interest for TKO share price to decline. Even more, the recent company’s presentation shows potential for TKO stock to rise.
