The ASX materials sector dipped a collective 1.06% today and these 3 mining companies – all with strong buy ratings – fell right along with it. Let's take a closer look.
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Westgold Resources Ltd (ASX: WGX)
The Westgold Resources share price took an 8.65% hit today, closing at $2.43. This is in contrast to the company's previous six-month performance which has seen Westgold shares shoot close to 13% higher.
According to its investor presentation in December for the financial year ending 30 June 2020, the company boasted a 131% gain in its profit per share. Revenue also zoomed up, increasing 18% to $492.3 million for the period.
The Institutional Brokers Estimates System (IBES) currently rates Westgold Resources a strong buy with a positive outlook.
Perseus Mining Limited (ASX: PRU)
Perseus Mining also dropped more than 8% to close at $1.19. The mining company finished 2020 as one of the all-around S&P/ASX 200 Index (ASX: XJO) top performers for 2020.
Fortunately for Perseus, the company recently announced pouring its first gold 5 weeks ahead of schedule at its Yaouré Gold Mine in West Africa. This supports the company's expectation to ship its first gold from the Yaouré mine site during the March 2021 quarter.
Similar to Westgold, the IBES currently rates Perseus Mining a strong buy with a positive outlook.
Silver Lake Resources Limited (ASX: SLR)
Silver Lake Resources also took a hit today, sliding 5.69% to close at $1.74. Some may consider it just a slight dent given the company has roared 30% higher over the previous 12-month period.
In its most recent quarterly activities report, Silver Lake reported a quarterly group production of 62,262 ounces of gold along with 424 tonnes of copper. The company also invested $6.6 million in exploration during the reported quarter to "advance high-grade projects within established and proven mineralised corridors proximal to established infrastructure".
Silver Lake's current status with the IBES is a strong buy rating with a neutral outlook.
