The partial recovery in prices for industrial metals from recent lows helped propel the S&P-TSX Composite Index upward over the Jan. 9-15 trading period, despite oil prices remaining low. The Composite Index finished the period 202.27 points higher at 12,755.36.
Crude oil for February delivery dropped below the US$52-per-barrel mark for the first time in 19 months, but stabilized, and energy shares recovered on expectations that OPEC would not lower output enough to increase prices as demand eases during a mild winter.
The price of gold recovered from last week’s dip, regaining US$10.24 to end the period at US$619.75 per oz. The Global Gold Index tracked upward as well, gaining 3.28 points to end at 309.73. The Capped Metals and Mining Index gained 3% to 606.17 points for the period on stronger prices for copper, nickel, tin, lead and zinc. Ahead of Kinross Gold’s planned takeover of Bema Gold, investors continued to bid up both companies. Bema again topped the most-active list, with over 30 million shares traded and a gain of 46 to $6.30 for the period. Kinross also traded high volumes, with nearly 22 million shares changing hands for a gain of $1.10 to $14.70.
Tiomin Resources announced that delays at its Kwale mineral sands project in Kenya may prevent it from meeting financing conditions. The company says it is “reviewing options” for the project. The news helped make the company the period’s biggest loser by percentage. Its shares were off 30% or 4 to 10 on over 26 million shares traded. Administrative issues and a court case put the company too far behind to meet a February deadline to begin drawing down the debt financing for the project.
Crystallex International shares fell 24 during the session under heavy volume of 14 million shares as investors reacted to Venezuelan President Hugo Chavez’s inauguration comments. Chavez stated that the government’s program of nationalizing much of the economy will be accelerated, but made no mention of the mining industry.
High Plains Uranium announced that Jan. 19 will be the final day of trading before it combines with Energy Metals. The merger had High Plains’ shares up 2 on volume of 25 million shares. The company also announced drill results from its Sand Creek project in Wyoming, where it intercepted uranium mineralization. First Nickel’s high-grade nickel-copper results from the Lockerby Depth zone in the Sudbury basin sent the miner higher. The best interval was 34.15 metres grading 3.15% nickel and 1.73% copper. The news sent the company’s shares up 25% to 85 on nearly 16 million shares traded.
Inmet Mining also made gains as the release of a cost update on a feasibility study for its 48%-held Petaquilla copper project in Panama coincided with the red metal’s slight recovery. The update estimates capital costs of US$1.7 billion and 76 per lb. of copper. Inmet shares were up $4.68 to $56.48 on roughly 26 million shares traded.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE< | CHANGE | ||
| HMZ Metals wt | HMZ.WT | 872 | 0.015 | 0.01 | 0.015 | +50.0 |
| Jinshan Gold M | JIN | 1323 | 1.85 | 1.37 | 1.85 | +33.0 |
| First Nickel | FNI | 15931 | 0.86 | 0.63 | 0.85 | +25.0 |
| Apollo Gold | APG | 1460 | 0.65 | 0.51 | 0.65 | +22.6 |
| Birim Goldfl | BGI | 884 | 0.59 | 0.44 | 0.57 | +18.7 |
| Moydow Mns Int | MOY | 62 | 0.20 | 0.155 | 0.20 | +17.6 |
| X-Cal Res | XCL | 761 | 0.305 | 0.27 | 0.305 | +17.3 |
| Revett Mnls | RVM | 242 | 1.35 | 1.10 | 1.35 | +16.3 |
| Corriente Res | CTQ | 1090 | 4.20 | 3.25 | 4.14 | +16.2 |
| Freegold Vent | ITF | 390 | 0.58 | 0.46 | 0.58 | +16.0 |
| Golden Str wtA | GSC.WT.A | 732 | 0.055 | 0.02 | 0.035 | -46.1 |
| Tiomin Res | TIO | 26067 | 0.16 | 0.09 | 0.105 | -30.0 |
| StrataGold | SGV | 182 | 1.27 | 1.07 | 1.09 | -12.8 |
| Blue Pearl Mng | BLE | 7366 | 9.17 | 8.08 | 8.21 | -12.1 |
| Blue Pearl wt | BLE.WT | 104 | 8.38 | 7.57 | 7.73 | -11.9 |
| Gabriel Res wt | GBU.WT | 94 | 2.40 | 2.08 | 2.17 | -11.4 |
| Zaruma Res | ZMR | 436 | 0.135 | 0.12 | 0.12 | -11.1 |
| Gateway Gold | GTQ | 725 | 0.96 | 0.75 | 0.82 | -10.8 |
| Linear Gold | LRR | 341 | 5.35 | 4.51 | 4.86 | -10.6 |
| Metallic Vent | MVG | 103 | 1.79 | 1.66 | 1.70 | -10.5 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Potash Cp Sask | POT | 890862 | 169.94 | +6.16 |
| Alcan | AL | 6593281 | 58.62 | +5.75 |
| Inmet Mining | IMN | 2579984 | 56.48 | +4.68 |
| First Quantum | FM | 3237288 | 58.28 | +2.65 |
| Aber Diamond | ABZ | 565702 | 41.65 | +2.48 |
| Gammon Lk Res | GAM | 4404673 | 19.45 | +1.94 |
| Meridian Gold | MNG | 821272 | 31.40 | +1.68 |
| Anvil Mining | AVM | 936125 | 12.02 | +1.62 |
| Yamana Gold | YRI | 12353478 | 15.01 | +1.59 |
| Labdr I-Ore Ro | LIF.UN | 152224 | 26.89 | +1.57 |
| Lundin Mng | LUN | 2391668 | 39.70 | -1.72 |
| Blue Pearl Mng | BLE | 7366088 | 8.21 | -1.14 |
| Blue Pearl wt | BLE.WT | 104450 | 7.73 | -1.05 |
| Teck Comin B | TCK.B | 5476859 | 81.18 | -1.04 |
| Banro Res | BAA | 34289 | 13.50 | -0.90 |
| Linear Gold | LRR | 341248 | 4.86 | -0.58 |
| Alamos Gold | AGI | 1330456 | 8.97 | -0.48 |
| Forsys Metals | FSY | 3510873 | 5.37 | -0.36 |
| Barrick Gold | ABX | 10907069 | 34.13 | -0.33 |
| Tenke Mining | TNK | 470750 | 14.70 | -0.30 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Bema Gold | BGO | 30658 | 6.30 | 5.78 | 6.30 | +0.46 |
| Tiomin Res | TIO | 26067 | 0.16 | 0.09 | 0.105 | -0.045 |
| High Plains Ur | HPU | 25257 | 1.60 | 1.30 | 1.55 | +0.02 |
| Kinross Gold | K | 21773 | 14.24 | 13.00 | 14.17 | +1.10 |
| Chariot Res | CHD | 21035 | 0.62 | 0.54 | 0.60 | +0.03 |
| Goldcorp | G | 16181 | 31.00 | 29.20 | 30.90 | +0.57 |
| First Nickel | FNI | 15931 | 0.86 | 0.63 | 0.85 | +0.17 |
| Breakwater Res | BWR | 14520< /td> | 1.80 | 1.64 | 1.75 | 0.00 |
| Crystallex Int | KRY | 13916 | 4.28 | 3.60 | 3.79 | -0.24 |
| Yamana Gold | YRI | 12353 | 15.07 | 13.56 | 15.01 | +1.59 |
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