Panoro Minerals Ltd. extended the biggest gain this quarter among stocks trading in Latin American equity indexes as investors bet it will develop one of its copper and gold deposits and copper prices rose.
The Canadian exploration company rose 1.3 percent to 77 cents at the close of trading in Lima, pushing its first-quarter surge to 111 percent. That’s the best performance among 469 stocks in Latin American indexes tracked by Bloomberg.
“The company has raised enough money to finance its projects and it has good shareholders who have given it stability,” said Carlos Rojas, a trader at Andino Asset Management SAC. “Investors expect the company will generate further value once one of their projects becomes a reality.”
Vancouver-based Panoro, which raised $13.8 million from a private placement this month, may sell one of its Peruvian properties this year, country manager Christian Pilon said in a Nov. 16 interview. Copper rose as much as 1.5 percent in New York today and has climbed 11 percent this year after slumping 20 percent last year.
Panoro said March 21 it discovered more copper and gold ore at its Cotabambas property in the southern Andes.