Continental Gold Inc. will be added to the both the S&P/TSX Global Gold Index and the S&P/TSX Global Mining Index after the close of trading today. Each index is designed to give investors a bulk portfolio to invest in, and the Canadian company is hopeful that its inclusion will add to its liquidity.
S&P Dow Jones also added Argonaut Gold Inc., Seabridge Gold Inc., and Teranga Gold Corp to its global gold index. And in addition to Continental Gold, the mining index added Argonaut Gold Inc., Dundee Precious Metals Inc., NexGen Energy Ltd., Seabridge Gold Inc., Silvercorp Metals Inc., Stornoway Diamond Corporation, and Teranga Gold Corp.
“The company continues to make positive strides in advancing its business initiatives, and its inclusion in both indices is a reflection of the hard work and dedication of our employees,” said Ari Sussman, CEO of Continental Gold.
The company’s stock has seen 170% returns so far this year, according to Bloomberg, opening at $1.57 CAD in January on the Toronto Stock Exchange and beginning today at $4.35 CAD. Its market cap stands at $610 million CAD.
Continental Gold also recently hosted an event in Buriticá, the municipality nearest to its largest mine in Colombia. The outing focused on its corporate social responsibility programs, including education, environmental, and infrastructure initiatives. Antioquia Governor Luis Perez and Buriticá Mayor Humberto Castaño both spoke during the presentation, as did Wilson Pardo, head of the department’s police force.
The Buriticá holding includes project area with 24 concessions that covering 29,812 hectares, with another 40 concession applications totaling 31,937 hectares. The company also has another mining project in Colombia nearby in Berlin.
It has high hopes for Buriticá. “On February 24, 2016, the company released the results of an independent feasibility study that indicates the Buriticá project will be a lowest quartile cost producer and an economically robust mine with modest initial capital expenditure,” says Continental Gold on its website. “Once in operation, the Buriticá project would approximately double the legal production of gold in the country and employ approximately 900 workers.”