Mining companies have continued to be on the radars of many investors owing to the current geopolitical climate which led to significant price volatility. Investors may be spoilt for choice with regard to stocks in this sector but one of the companies which could be worth tracking at this point is Clifton Mining Company (OTCMKTS:CFTN).
CFTN stock has soared 27% over the past week on increased volume and gaining momentum. Moreover, the stock rallied over 44% over the past 6 months.
Clifton Mining Company (OTCBB: CFTN) (Clifton) – “January 2023 Report”
Earlier on in the month on January 12 the company’s unit Desert Hawk Gold Corp announced that it had been awarded an extension with regards to its Kiewit mining lease by the Bureau of Land Management. The extension was a major development for a number of reasons. In addition to getting permission to keep mining, Desert Hawk had been permitted to mine materials to the tune of 10 million tons. Earlier the company had only been permitted to mine 2 million tons.
On the other hand, the mining rate was also bumped up by as much as 75%. The mining rate was boosted to 1.75 million tons a year from 1 million tons a year. The mineable area for Desert Hawk also went up to as much as 203 acres from only 103 acres. As one can see, the extension is going to help the company in mining in a much more expansive fashion and that can only be a good thing in the long run.