London-listed Norseman Gold, which operates Australia's longest continuously running gold mine operation, can hardly be regarded as something new or surprising. But what may be is that after falling to a penny a share in October 2008, in the wake of hilarious market hysteria, the stock price has since risen by nearly 2 000% to nearly 30 pence a share.It was almost as if investors completely disbelieved, and then suddenly remembered, that Norseman is producing gold at a rate of 80 000 ounces annualised. The stock carries a market capitalisation of $68m and as a producer, ranks as less risky, in traditional market parlance, than an explorer or developer.So it seems to be a flow through event that such a stock, active in this instance in Kazakhstan, has outpaced the percentage increase in the Norseman Gold stock price. This comes in the form of Frontier Mining, also listed in London, and which has witnessed a stock price gain since early this year of close to 5 000%.At this point, the world's hottest 100 listed mining stocks, applying a cut off market value of at least $20m, have risen by an average of 261%, from low prices seen at points over the past six or so months. This can be compared to the 38% bounce in the MSCI world equities USD index, or the 31% gain registered by the Dow Jones Industrial, or the 33% gain by Europe's DJ Stoxx 600.The MSCI emerging markets USD index has jumped from lows by a more impressive 62%; China's CSI 300 has now moved 75% higher than its lows, and the Micex Russia by 115%. Seen as a broader group, miners are leading the recovery in global stock markets, such as that recovery may be.Among other mining stocks that have risen by more than 1,000% from lows may be counted African Minerals, Ivanhoe Australia, La Mancha Resources, African Copper, Century Mining, Azteca Gold, and Avion Resources.While a wag may well say that that's what happens with wildly speculative penny stocks, Ivanhoe Australia carries a current market value of $589m, and African Minerals, which is active in Sierra Leone, one of $489m. Ivanhoe Australia is running on its Merlin molybdenum-rhenium discovery, said by the company itself to hold A$6bn worth of metal in the ground.For the theatrically minded, there have even been comparisons with BHP Billiton's gigantic Olympic Dam, also in Australia, one of the world's biggest mining deposits of any kind, ranking No 1 in uranium, No 4 in copper, and No 4 in gold.For mining stocks with a market value of more than $1bn, the top performance has come from Fresnillo, the London-listed Mexican miner of silver, gold, zinc and lead, with a gain of more than 500% from stock price lows. In this case, it may be that after the stock price was trashed, investors suddenly realised that Fresnillo scored an EBITDA margin of 40% during 2008, giving it an astonishing margin of safety. For now at least, Fresnillo is silver mining's Superman.Over the past couple of weeks, global investor portfolio flows have most strongly favoured miners of primary silver, followed by specialist names in nickel, diamonds, tin, gold, potash, copper, coal and uranium. Seen over 12 months, the best net stock price returns have been delivered by primary silver stocks, heavily dominated by Fresnillo, followed by specialist miners of zinc, copper, uranium, gold, tin, nickel, and coal. The most damaged stocks over this period are found under the classifications of platinum and non-Asian coal stocks.METAL PRICES

Low*

High*

Current

From low

Industrial, USD/lb

Copper

1.28

4.06

2.08

63.1%

Aluminium

0.58

1.53

0.70

21.0%

Lead

0.39

1.07

0.67

73.3%

Tin

4.40

11.57

6.36

44.6%

Nickel

4.01

12.38

5.92

47.5%

Zinc

0.47

1.08

0.70

48.8%

Precious, USD/oz

Gold

682.41

1006.29

927.10

35.9%

Platinum

744.25

2225.50

1142.00

53.4%

Palladium

160.75

478.50

237.25

47.6%

Silver

8.46

19.48

14.29

68.9%

* 12-month

Staying with stocks with a value of more than $1bn, Uranium One, recovering from the closure of its disastrous Dominion mine experience in South Africa, has soared, but has been outperformed by First Uranium, where investors appeared to have suddenly realised that the company is well on its way to becoming a top 10 global uranium producer, and also rank, on the side, as a Tier II gold miner. First Uranium's stock price has moved up by nearly 600% in Toronto, even amid capital issues; its market value has moved above $900m.Gold stock Centerra, also worth more than $1bn, has boomed on news that the Kumtor project in Kyrgyz Republic has been given the political go-ahead. Further on gold stocks, special mention goes to sizzling performances from Iamgold, JSC Polymetal (gold-silver), and developer Osisko.Top performing mining stocks that have been at or close to 12-month highs in the past few days include Ivanhoe Australia, Berkeley Resources (uranium), Fresnillo, Iamgold, Osisko, Seabridge (gold), Red Back (gold), SDIC Xinji (coal), PingZhuang (coal), Randgold Resources, AngloGold Ashanti, Rubicon Minerals (gold) and Patagonia Gold.News that mining stocks have been on the rise appears to be increasingly on the filter through to professional investment analysts. On Wednesday, according to a report on Bloomberg, ING Groep NV has stated that Mining shares have advanced too quickly.ING apparently suggested buying when prices show signs of weakness and lowered its recommendation on industry leader BHP Billiton Ltd. to hold. BHP Billiton, the world's biggest diversified resources stock (rather than simply a mining stock) has witnessed a gain of just under 100% in it London-listed stock price, when measured from lows.SELECTED TOP 100 HOTTEST MINING STOCKS

Ranked on broad 12-month composite price performance

Stock

From

From

Value

price

high*

low*

USD bn

Frontier Mining

GBP 0.06

-4.0%

4700.0%

0.020

Norseman Gold

GBP 0.30

-6.3%

1866.7%

0.069

African Minerals

GBP 1.70

-15.0%

1788.9%

0.489

Ivanhoe Australia

AUD 2.45

-2.0%

1533.3%

0.589

La Mancha Resources

CAD 0.62

-8.8%

1450.0%

0.076

African Copper

GBP 0.15

-64.9%

2007.1%

0.033

Century Mining

CAD 0.17

-41.1%

1550.0%

0.024

Azteca Gold

CAD 0.22

-21.4%

1000.0%

0.033

Avion Resources

CAD 0.40

-29.5%

1028.6%

0.039

Regis Resources

AUD 0.51

-8.2%

701.6%

0.094

Berkeley Resources

GBP 0.57

0.0%

510.7%

0.090

Fresnillo

GBP 5.86

-3.8%

530.1%

6.442

Tanami Gold

AUD 0.04

-17.4%

660.0%

0.103

First Uranium

CAD 6.95

-13.1%

581.4%

0.911

Colossus Minerals

CAD 3.19

-20.3%

641.9%

0.152

White Canyon

AUD 0.38

-9.5%

533.3%

0.055

Extract Resources

AUD 4.83

-10.9%

544.0%

0.847

Queenston Mining

CAD 4.40

-4.6%

478.9%

0.218

Uranium One

CAD 4.05

-19.6%

575.0%

1.644

Centerra

CAD 7.11

-31.4%

690.0%

1.330

VorkutauGol

USD 3.90

-50.6%

875.0%

0.039

Australian Solomons

CAD 0.25

-53.7%

900.0%

0.022

Paramount Gold

USD 1.56

-25.4%

609.1%

0.097

Iamgold

USD 10.14

-1.1%

356.8%

3.702

JSC Polymetal

USD 6.80

-26.1%

580.0%

2.142

Osisko

CAD 5.88

-3.6%

320.0%

1.297

Kalahari Minerals

GBP 1.18

-7.5%

358.3%

0.324

Western Goldfields

CAD 2.50

-12.3%

400.0%

0.295

Sichuan Hongda

CNY 16.92

-6.7%

344.1%

2.560

Huolinhe

CNY 30.04

-5.4%

329.1%

3.745

Greystar

CAD 3.99

-38.1%

652.8%

0.182

Niger Uranium

GBP 0.21

-18.6%

453.3%

0.018

Zhaojin

HKD 11.06

-23.0%

494.6%

0.624

Seabridge

CAD 29.11

-3.3%

288.1%

0.941

Red Back

CAD 10.15

0.0%

254.9%

2.009

Kopane Diamonds

GBP 0.09

-39.5%

650.0%

0.024

Mantra Resources

AUD 3.16

-21.0%

464.3%

0.361

Silver Lake Resources

AUD 0.52

-5.5%

300.0%

0.061

Claude Resources

USD 0.77

-30.0%

542.2%

0.075

Bumi Resources

USD 0.22

-76.3%

1000.0%

4.269

Braemore

GBP 0.07

-35.8%

590.0%

0.083

Dynasty Metals

CAD 4.85

-15.1%

361.9%

0.149

Medusa

AUD 1.66

-9.5%

304.9%

0.213

Kirkland Lake

CAD 9.60

-7.6%

281.0%

0.486

PingZhuang

CNY 13.13

-4.2%

245.5%

1.952

US Gold Corp.

USD 2.17

-27.4%

471.1%

0.175

SDIC Xinji

CNY 14.55

-2.3%

219.1%

3.947

Uranium Energy

USD 1.41

-58.5%

779.1%

0.065

Int'l Tower Hill

CAD 3.55

-5.1%

231.8%

0.149

Silverstone

CAD 1.98

-30.3%

473.9%

0.211

Randgold Resources

USD 59.82

-0.6%

168.5%

4.586

Gansu Jingyuan

CNY 13.78

-8.7%

245.4%

0.359

Peregrine Diamonds

CAD 0.67

-18.3%

330.9%

0.047

AngloGold Ashanti

USD 37.59

-3.6%

181.2%

13.314

Anatolia

CAD 3.04

-22.3%

367.7%

0.301

Lake Shore Gold

CAD 1.99

-8.7%

231.7%

0.366

Guizhou Panjiang

CNY 23.49

-4.5%

186.5%

3.799

A-CAP Resources

AUD 0.52

-40.9%

550.0%

0.044

Carnegie Corp.

AUD 0.28

-5.2%

192.6%

0.099

Novagold

CAD 3.99

-60.1%

740.0%

0.627

Eldorado

USD 8.53

-12.1%

258.4%

3.164

Rubicon Minerals

USD 1.89

-3.6%

170.0%

0.280

Patagonia Gold

GBP 0.11

-4.3%

175.0%

0.100

Athabasca Potash

CAD 5.14

-45.7%

585.3%

0.165

Corriente

CAD 7.58

-7.0%

196.1%

0.493

Richmont Mines

CAD 4.25

-13.8%

251.2%

0.096

Allied Nevada

CAD 7.08

-13.6%

243.7%

0.351

Mega Uranium

CAD 1.90

-28.3%

387.2%

0.307

Tongling

CNY 16.19

-9.3%

196.5%

3.072

London Mining

NOK 14.50

-8.8%

190.0%

0.247

Northern Dynasty

CAD 7.98

-21.5%

315.6%

0.639

Shandong Gold

CNY 39.19

-9.9%

196.9%

4.088

Shanxi Xishan

CNY 25.10

-16.6%

259.6%

8.919

Aurizon

CAD 4.89

-21.6%

304.1%

0.670

Gemfields Resources

GBP 0.05

-90.2%

176.9%

0.022

Brazauro

CAD 0.56

-37.8%

460.0%

0.041

Andean

AUD 1.54

-18.1%

262.4%

0.540

Semafo

CAD 2.10

-11.0%

180.0%

0.423

Catalpa Resources

AUD 0.08

-24.8%

315.8%

0.036

Alexis Minerals

CAD 0.60

-11.8%

185.7%

0.066

Keegan Resources

USD 2.20

-44.9%

510.6%

0.063

Zhongjin

CNY 62.76

-12.0%

175.3%

3.306

Gammon Gold

CAD 9.12

-18.6%

240.3%

0.965

Mindax

AUD 0.47

-8.8%

138.5%

0.046

Alamos

CAD 8.55

-9.5%

144.3%

0.793

Shanxi Lu'an

CNY 35.29

-25.4%

296.1%

5.952

San Anton Resource

CAD 0.22

-59.3%

633.3%

0.020

Shanxi Guoyang

CNY 24.52

-17.2%

206.5%

3.458

Yukon-Nevada Gold

CAD 0.20

-86.6%

900.0%

0.054

Kingsgate

AUD 5.55

-11.9%

152.3%

0.410

Ridge

GBP 0.93

-31.1%

342.9%

0.131

Centamin Egypt

CAD 1.20

-14.9%

179.1%

1.027

Franco-Nevada

CAD 27.43

-10.8%

136.1%

2.379

Dominion Mining

AUD 4.92

-13.5%

157.6%

0.389

Auex Ventures

CAD 2.25

-16.4%

181.3%

0.057

ERA

AUD 21.90

-12.2%

134.2%

3.210

Minefinders

CAD 9.89

-18.6%

197.0%

0.505

African Eagle

GBP 0.05

-36.8%

377.8%

0.018

Minco Silver

CAD 1.90

-52.5%

533.3%

0.051

Atna Resources

CAD 0.74

-14.0%

146.7%

0.053

Averages/total

-20.7%

517.9%

113.624

Weighted averages

-20.5%

260.6%

* 12-month

 

Source: market data; table compiled by Barry Sergeant