As the TSX Composite Index plunged 553.25 points, or nearly 4%, to 13,387.11 over the Dec. 11-17 trading period, the Bank of Canada moved to lower interest rates and improve liquidity with a $205-million injection into the markets.
It wasn’t alone — banks in the U.S. and Europe did the same in a joint initiative worth about US$64 billion, but the impact has yet to be seen.
The Capped Metals and Mining Index took the brunt of the loss during the trading session, plummeting 12.6% to 713.72 points.
The price of copper fell about US16 to US$2.86 per lb., aluminum slid just over US2 to US$1.07 per lb. and nickel dropped more than US30 to US$11.47 per lb.
The Global Gold Index took a similar hit, dropping 9.6% to 287.14 while the historical London fix gold price fell US$18.75 per oz., or about 2%, to US$809.50 per oz.
First Quantum Minerals saw the greatest value change, falling $17.26 to $80.11. The company had to suspend operations at its Frontier mine in the Democratic Republic of the Congo (DRC) on Dec. 11. The company had been shipping ore to the Lonshi mine in Zambia until the DRC government imposed border restrictions, demanding the company address certain issues — including communicating details about mine operations and social programs. First Quantum says it has tackled some of the issues and that operations and shipping will restart soon.
Ever-deteriorating Tahera Diamond was No. 1 in terms of percentage loss, falling 50% to 8 per share on a trading volume of more than 12 million shares. Since last February’s peak of $1.38 per share, the company’s share price has been on a steep decline due to its failing Jericho diamond mine, in Nunavut. Tahera announced over the period that it had restructured its refinancing plan to raise $36.7 million for a winter road and operations improvements. Originally planned as a rights offering, the financing is now planned as a best efforts offering of units, subject to a minimum offering of $40 million.
Inspiration Mining shares fell 39.4% to $2.13 apiece over the period, despite drill results of 0.916% nickel over 7.4 metres and 1% nickel over 8.36 metres from its Langmuir project, southeast of Timmins, Ont.
News that uranium junior Laramide Resources has a resource estimate for its Lara property, on Vancouver Island, did not help the company’s share price, which tumbled nearly 32% to $5.05 per share. Lara is one of the gold properties that will be transferred to Laramide gold spinoff, NewGoldCo. Indicated resources at Lara stand at 1.2 million tonnes grading 3.01% zinc, 32.97 grams silver per tonne, 1.05% copper, 0.58% lead and 1.97 grams gold. Inferred resources come in at 669,600 tonnes of 2.26% zinc, 32.99 grams silver, 0.9% copper, 0.44% lead and 1.9 grams gold. A second NewGoldCo property, Thunderlake, near Timmins, Ont., has a resource of 2.97 million tonnes grading 6.47 grams gold.
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Breakwater Res | BWR | 29529 | 1.94 | 1.62 | 1.63 | -0.26 |
| Yamana Gold | YRI | 26315 | 14.10 | 11.91 | 11.95 | -1.78 |
| Uranium One | UUU | 22553 | 9.55 | 8.37 | 8.61 | -0.53 |
| Kinross Gold | K | 20141 | 18.95 | 16.12 | 16.18 | -2.49 |
| Miramar Mng | MAE | 20015 | 6.25 | 6.12 | 6.17 | -0.07 |
| Teck Comin B | TCKB | 18073 | 39.52 | 33.80 | 33.90 | -5.45 |
| Paladin Res | PDN | 17715 | 6.50 | 5.29 | 5.33 | -1.09 |
| Eastern Platin | ELR | 17489 | 2.66 | 2.38 | 2.41 | -0.22 |
| Goldcorp | G | 16913 | 34.80 | 31.30 | 31.43 | -2.69 |
| Equinox Minls | EQN | 14296 | 5.44 | 4.63 | 4.74 | -0.71 |
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| New Gold wt | NGD_T | 83 | 0.04 | 0.02 | 0.025 | +25.0 |
| Coro Mining | COP | 188 | 1.50 | 1.20 | 1.50 | +23.9 |
| Intrepid Mnrl | IAU | 4292 | 0.23 | 0.18 | 0.22 | +22.2 |
| Coalcorp wt | CCJ_T | 336 | 0.28 | 0.18 | 0.28 | +21.7 |
| Horizns G Bear | HGD | 1496 | 15.91 | 12.78 | 15.80 | +19.9 |
| Global Copper | GLQ | 710 | 5.60 | 4.50 | 5.21 | +16.5 |
| Franconia Mnls | FRA | 708 | 1.64 | 1.17 | 1.50 | +15.3 |
| Aquila Res | AQA | 665 | 0.78 | 0.65 | 0.75 | +15.3 |
| South Am Gld&C | SAG | 11302 | 0.05 | 0.035 | 0.04 | +14.2 |
| GLR Res | GRS | 296 | 0.60 | 0.49 | 0.57 | +11.7 |
| Tahera Diam | TAH | 12320 | 0.16 | 0.08 | 0.08 | -50.0 |
| Inspiration Mg | ISM | 1823 | 3.58 | 2.06 | 2.13 | -39.4 |
| Laramide Res | LAM | 1954 | 7.49 | 4.89 | 5.05 | -31.7 |
| Constel Copper | CCU | 11560 | 0.095 | 0.065 | 0.075 | -25.0 |
| Khan Res | KRI | 2418 | 1.64 | 1.24 | 1.25 | -24.2 |
| Silver Wtn wtA | SLW_TA | 305 | 2.34 | 1.74 | 1.78 | -23.9 |
| Carpathian Gld | CPN | 1547 | 0.60 | 0.42 | 0.42 | -23.6 |
| NovaGold Res | NG | 2277 | 9.47 | 7.03 | 7.03 | -22.7 |
| Thompson Creek | TCM | 10809 | 20.63 | 15.42 | 15.81 | -22.1 |
| StrataGold | SGV | 997 | 0.23 | 0.18 | 0.18 | -21.7 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Horizns G Bear | HGD | 1495868 | 15.80 | +2.63 |
| Major Drilling | MDI | 402992 | 59.52 | +2.00 |
| Labdr I-Ore Ro | LIF_U | 807012 | 46.01 | +0.76 |
| Global Copper | GLQ | 710429 | 5.21 | +0.74 |
| CIC Energy | ELC | 362616 | 13.40 | +0.45 |
| Western Areas | WSA | 81800 | 4.84 | +0.31 |
| Coro Mining | COP | 187776 | 1.50 | +0.29 |
| Detour Gold | DGC | 875782 | 11.76 | +0.26 |
| Timminco | TIM | 7331232 | 16.32 | +0.24 |
| Franconia Mnls | FRA | 708262 | 1.50 | +0.20 |
| First Quantum | FM | 2779393 | 80.11 | -17.26 |
| Inmet Mining | IMN | 1968508 | 77.75 | -11.36 |
| Potash Cp Sask | POT | 5954131 | 126.99 | -6.41 |
| Harry Winston | HW | 1267838 | 33.73 | -6.40 |
| Silver Std Res | SSO | 610672 | 33.18 | -5.52 |
| FNX Mining | FNX | 3024372 | 29.75 | -5.47 |
| Teck Comin B | TCKB | 18073473 | 33.90 | -5.45 |
| Horizns G Bull | HGU | 1639527 | 21.07 | -4.59 |
| Thompson Creek | TCM | 10808552 | 15.81 | -4.49 |
| Newmont Mng | NMC | 138319 | 46.80 | -4.46 |
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