Why Hycroft Mining Stock Zoomed More Than 7% Higher Today
Yahoo Finance ·
An intake of experienced mining industry veterans into the boardroom and rising precious metals prices were the twin catalysts propelling Hycroft Mining ( HYMC +7.31% ) stock to a satisfying gain on Wednesday. The gold and silver specialist's equity closed the day more than 7% higher. Shortly after market close on Tuesday, Hycroft announced the appointment of four new individuals to its board of directors, effective that day. Each is a seasoned executive in the precious metals industry, adding significant heft and expertise to the board, which now comprises nine individuals. The group comprises Richard O'Brien, the former CEO of fellow precious metals miner Newmont , current AngloGold Ashanti Macelo Godoy, onetime president of America for Freeport McMoRan Josh Olmstead, and Blake Rhodes, who served as Newmont's general counsel. This influx of experts coincided with a rally in gold and silver prices, ignited on Wednesday morning by an influential jobs report. This was Automatic Data Processing 's monthly payroll data digest, which indicated job growth was quite a bit lower in August than in the preceding month. It also fell short of market expectations.
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