Why the RTG Mining Inc share price rocketed higher

The RTG Mining Inc (ASX: RTG) share price has had a strong finish to the week.

In afternoon trade the mining and exploration company’s shares are up 34% to 37.5 cents. This brings its week-to-date gain to a whopping 147%.

What happened?

This morning RTG Mining announced that through a further direct investment and conversion of loans in Central Exploration Pty Ltd it has increased its interest in the company to 24%.

In addition to this, one of RTG’s major shareholders has a 32% interest in Central.

This is seen as a big win for the company given the massive potential of the Panguna copper and gold mine in Bougainville that Central has an interest in.

Judging by its strong gain, investors don’t appear to be too concerned with the falling copper price which has plagued copper producers such as OZ Minerals Limited (ASX: OZL) this week.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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