Minera Andes Inc. (MNEAF) Showing Smooth Rise
Minera Andes Inc. (MNEAF) currently trades at $2.52 with a fall of 0.79% after hitting a intraday high of $2.57 and a low of $2.50. This penny stocks 52-Week range is at $0.71 to $3.39. Its market cap amounted to 714.38 million with price earnings ratio of 23.42.
Minera Andes announced on 19th May 2011 that the proposed spin-out of copper assets, inclusive of the Los Azules project, has been deferred. The decision taken by the Company’s’ board of directors is influenced by weaker financial markets, financing uncertainties, and a delayed legal decision.
On March 17, Minera Andes Inc had announced that it would propose to demerge its Los Azules Copper Project into a new publicly traded company.
The Los Azules Project is a 100% owned advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. The property considers as a largest undeveloped copper deposits globally.
Minera Andes MNEAF stock soars
On the same day, MNEAF stock had soared all the way from $2.25 to $2.69, a rise of 19.50% on heavy volume. Since then, Minera Andes Inc stock had been hovering around 10% range and over the past one week, the stock has risen about 10%.
MNEAF stock is trading below its 0-Day Moving Average of $2.67, which could act as a strong resistance going forward.
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