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Nearly two years since listing on Aim and still fighting a legal battle over diamond rights in Zimbabwe, African Consolidated Resources (AFCR:AIM) holds the accolade of best UK market performer in the past three months among mining stocks valued at less than £100 million. Its share price has risen 119% to 29p. The stock market forced the company to comment on its share price movement in February, but African Consolidated couldn’t explain the gains. Last week, former chairman Ian Fisher resigned as non-exec director.

In second place is Coal International (CLN:AIM) with a 93% gain, albeit a low point. Major shareholder Cambrian Mining (CBM:AIM) is seeking to buy the whole business, which is currently suffering from high costs and operating on negative margins.

At the bottom of the pile is Cape Diamonds (CAPE:AIM), with a 66% drop in its share price, following operational issues. New management has been brought in to salvage the business.

As one of last year’s strong performers it is surprising to see a 58% drop in Toledo Mining (TMC:AIM)’s share price. Institutions have been selling out of the nickel miner and bad weather has restrained production in the Philippines.

Also a former stock market darling, Monterrico Metals (MNA:AIM) has lost 55% in the past three months, dragged down by construction delays at its Rio Blanco copper project in Peru, and a knock-on effect of majority shareholder Zijin Mining losing 47% in value on its Hong Kong listing from profit-taking.

by: Dan Coatsworth