Jan 11 (Bloomberg) --Candente Copper Corp., a Canadian mining exploration company, rose the most in two months in Lima trading after Wellington West Capital Markets analyst Stephen Parsons raised the shares to "buy” from "speculative buy.”
The stock, which has risen fourfold in the past 12 months, jumped 27 percent to $1.86 at the close of trading, the biggest gain since Nov. 2.
"Investors acted on the brokerage recommendation,” Leoncio Altamirano, a trader at Lima-based Juan Magot & Asociados SAB, said today in a telephone interview. "The market feels the company is well on its way to bringing a mine online.”
Candente aims to produce 300,000 metric tons of copper annually at its $1.5 billion Canariaco project in Peru by 2014, Chief Executive Officer Joanne Freeze said in a Nov. 17 interview.