When considering opportunities for investing in penny stocks, some experts will tell you to focus on mining stocks. After a few minor setbacks in 2018, it would seem that mining penny stocks are back in focus. For the most part, key elements that must be mined are part of everything we use.
Statistics from the National Mining Association show that Americans use approximately 3.4 tons of coal and nearly 40,000 pounds of newly mined materials each year. The mining industry is crucial for the advancement of society. This is especially because of the fact that nearly 40% of all U.S. electricity is generated through the use of things like coal.
Is Comstock Mining Company Inc (LODE) A Penny Stock To Watch?
When speaking to the growing American mining industry, there’s one specific company continues to be part of the conversation. Comstock Mining Company Inc (LODE Stock Chart) is a Nevada-based, gold and silver mining company. They have spent the last few months making strategic investments to gain access to minerals and resources.
The Company recently announced that it received a second payment of $1 million from Tonogold Resources Inc. This payment was for the purchase of Comstock’s 1200-acre Lucerne property. Towards the end of January, Comstock entered into a definitive agreement with Tonogold for as much as $15 million in cash. In addition, there are also payments related to other aspects of the agreement.
As per the previously announced arrangement, Comstock Mining will now transfer ownership of their Lucerne property to Tonogold. As a result, this frees up capital for the Company to use as they choose. Following this announcement, the mining penny stock saw its shares up by as much as 50% from mid-March to April.