Here are 2 ASX mining shares that went absolutely gangbusters today

Commodities trading continues to extend its legs this week with added fuel from US inflation data overnight.

The impact on US markets carried over to the ASX session today, leading all sectors to finish in the red.

The S&P/ASX 200 Index (ASX: XJO) finished 2.58% lower on Wednesday.

Despite this, there were pockets of green scattered throughout the indices today, and these two ASX mining shares were standouts.

Australian Pacific Coal Ltd (ASX: AQC) 

Shares of the coal player launched to new highs today, gaining 55% at one stage during the session.

The spike followed the company releasing updated details of its 5.83 for 1 renounceable entitlement offer.

This was announced earlier in the month, with the company seeking to raise $100 million to ensure it can meet its debt obligations when they fall due, and for working capital.

We covered the full details on the company’s capital raising earlier today here.

It seems investors were galvanised by the news and reacted swiftly. Australian Pacific shares closed 33.33% higher at 60 cents each.

This brings the share’s gains to 300% for the year to date.

Itech Minerals Ltd (ASX: ITM)

Little-known ASX mining share Itech Minerals finished the day with a 14.7% gain after the company released an update on its Campoona Graphite deposit.

The company advised that, following its metallurgical program at the site, it has confirmed a high yield of 47% graphite of 99.99% purity after caustic baking and leach methods.

Speaking on the announcement, managing director Mike Schwarz said:

These results demonstrate that Campoona has the potential to produce a high value spherical graphite, from an Australian project in a State with significant production of renewable energy and excellent infrastructure. The use of non-HF methods such as caustic baking to purify the concentrate add further weight to the projects green credentials which we believe will help us produce a premium product for the renewable energy markets.

Shares of Itech have pushed 95% higher since listing in October 2021.

The post Here are 2 ASX mining shares that went absolutely gangbusters today appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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