Insights

West Wits Mining (ASX:WWI) share price surges 23% on project update

West Wits’ shares finish the week on a high. Here’s the details.
The post West Wits Mining (ASX:WWI) share price surges 23% on project update appeared first on The Motley Fool Australia. –

The West Wits Mining Limited (ASX: WWI) share price has finished the day in the green on Friday, finishing trading at 5.5 cents.

That’s a 25% gain on the day, and well ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s 0.8% loss today.

Here we investigate what pushed West Wit’s share price higher.

What’s driving the West Wits Mining share price today?

The West Wits Mining share price is running hot today after the company announced a key update to its Witwatersrand Basin Project (WBP).

The WBP deposit forms part of the “Central Rand Goldfield” in Johannesburg, South Africa. It has been “host to one of the most extensive gold deposits in the world”, according to the release.

Today, West Wits advised that the Department of Mineral Resources & Energy (DMRE) formally accepted the company’s “application for a new prospecting right at WBP”.

After ensuring all compliance measures check out, the company “would reinstate a substantial portion of Mineral Resources to WBP’s current mineral resource estimate (MRE) of 3.55Moz at 4.26 g/t Au”.

Following that, West Wits will submit an environmental management plan for the site, in addition to a “prospecting works plan” to the DMRE. These submissions are standard procedure, as per the release.

West Wits also anticipates that a significant portion of the “old resource”, that was restated upon the mining right’s grant, “would be reintroduced to the global MRE for the WBP”.

Speaking on the announcement, West Wits’ managing director, Jac van Heerden, said:

We are confident that we will be able to comply with the prospecting right compliance requirements, upon which we will reinstate substantial resources to our Qala Shallows and Deeps areas of the WBP which were reduced on the grant of our mining right in July.

West Wits Mining share price snapshot

The West Wits Mining share price has had a difficult year to date, posting a loss of 23% since January 1.

Despite this, Wes Wits Mining shares have climbed 72% over the last 12 months.

This outpaces the broad index’s return of 26% over the past year.

The post West Wits Mining (ASX:WWI) share price surges 23% on project update appeared first on The Motley Fool Australia.

Should you invest $1,000 in West Wits Mining right now?

Before you consider West Wits Mining, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and West Wits Mining wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

West Wits (ASX:WWI) share price tumbles 12% despite strong gold potential

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!