The TSX Composite Index held steady over the May 27-June 2 trading period, rising 55.61 points to 14,814.18, but still ended the week 1.5% off its May 20 record of 15,047 points.
The Capped Metals & Mining Index edged up 3.33 points to 861.26, while the Global Gold Index showed a stronger gain of 7.96 points, or 2.4%, to 321.89 as the price of gold recovered to US$888.25 per oz. after falling as low as US$879.50 on May 30.
Emerging coal producer Cline Mining saw the greatest percentage increase over the period, up nearly 75% to $1.78 per share. The company plans to bring the New Elk metallurgical coal mine, in Colorado, back into production and bought all of the property’s surface assets for US$1.6 million in May. Cline stock has since risen more than 300% — but all is not sunshine and roses for the company. U. S. Democratic presidential nominee Barack Obama has announced his opposition to Cline’s Lodgepole project, in southern B. C., for environmental reasons.
Arehada Mining shares rose 25% over the period to 45 each. The company, which produces zinc, lead and silver in Inner Mongolia, China, has finally finished the first phase of construction of a 50,000-tonne-per-year plant to produce zinc oxide and sulphuric acid from concentrate. The company’s first-quarter results show that production has increased to 1,434 tonnes per day from 1,340 — still short of the 1,500-tonne-per-day target. Arehada is working toward mining at a rate of up to 3,000 tonnes per day.
Energem Resources was the top loser on a percentage basis, down 28.5% to 25 per share. The company signed a memorandum of understanding to take on a 40% interest in a 900-megawatt hydroelectric project in Tanzania, starting with US$1.2 million to update engineering and feasibility studies done in the 1980s. Unofficial projections have put the project cost at US$2 billion.
Potash Corp. of Saskatchewan continued to prove it had not yet hit a ceiling, earning the spot as the top value gainer over the period, followed by fellow fertilizer maker Agrium. Potash Corp. shares advanced $7.49 to $203.37 apiece, while Agrium shares rose $3.52 to $487.34.
Inmet Mining saw the biggest dollar loss over the period, falling $4.92 to $66.30 per share. Inmet has had its fair share of trouble lately, with the latest crisis at its Las Cruces project in Spain, where the water authority suspended a permit needed for production. Development at Inmet’s 48%-owned Petaquilla project, in Panama, could also be delayed due to infighting between its jointventure partners, Petaquilla Copper and Teck Cominco. And in March, development at Inmet’s Cerattepe copper project in Turkey was halted by a court injunction; two NGOs are challenging the project’s operating licences, alleging the government granted the licences without following environmental assessment regulations.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Yamana Gold | YRI | 24562 | 15.77 | 14.57 | 15.50 | -0.20 |
Eastern Platin | ELR | 21780 | 2.86 | 2.65 | 2.74 | -0.08 |
Uranium One | UUU | 21274 | 4.99 | 4.61 | 4.87 | + 0.06 |
Silver Wheaton | SLW | 18397 | 14.68 | 13.84 | 14.60 | + 0.11 |
Kinross Gold | K | 17051 | 20.35 | 19.30 | 20.12 | -0.02 |
Cline Mng | CMK | 16981 | 1.95 | 1.00 | 1.78 | + 0.76 |
WesternCCoal | WTN | 16554 | 8.68 | 6.72 | 8.49 | + 1.32 |
Equinox Minls | EQN | 15077 | 4.76 | 4.55 | 4.59 | -0.24 |
Barrick Gold | ABX | 14557 | 41.16 | 38.65 | 40.40 | -1.20 |
Goldcorp | G | 12705 | 41.17 | 39.00 | 40.73 | -0.57 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Cline Mng | CMK | 16981 | 1.95 | 1.00 | 1.78 | + 74.5 |
High Desert Gd | HDG | 2619 | 0.22 | 0.15 | 0.20 | + 25.0 |
Arehada Mining | AHD | 246 | 0.50 | 0.33 | 0.45 | + 25.0 |
Grandview Gld | GVX | 200 | 0.30 | 0.24 | 0.29 | + 20.8 |
Tiomin Res | TIO | 4357 | 0.08 | 0.05 | 0.06 | + 20.0 |
Nautilus Minls | NUS | 1519 | 2.98 | 2.18 | 2.70 | + 20.0 |
Franc-Or Res | FOR | 75 | 0.12 | 0.10 | 0.12 | + 20.0 |
Nevsun Res | NSU | 2565 | 1.99 | 1.54 | 1.96 | + 19.5 |
Western C Coal | WTN | 16554 | 8.68 | 6.72 | 8.49 | + 18.4 |
Contl Precious | CZQ | 459 | 1.41 | 1.14 | 1.40 | + 17.6 |
Energem Res | ENM | 1145 | 0.37 | 0.24 | 0.25 | -28.5 |
Malaga | MLG | 183 | 0.28 | 0.21 | 0.23 | -20.6 |
Adanac Moly | AUA | 2283 | 0.90 | 0.69 | 0.72 | -20.0 |
Blue Note Mng | BN | 9095 | 0.22 | 0.16 | 0.16 | -20.0 |
Vaaldiam Res | VAA | 1822 | 0.38 | 0.31 | 0.31 | -18.4 |
Coalcorp wt | CCJ_T | 98 | 0.13 | 0.09 | 0.10 | -16.6 |
San Anton Res | SNN | 580 | 0.38 | 0.31 | 0.32 | -15.7 |
Laramide Res | LAM | 636 | 4.89 | 4.02 | 4.19 | -14.3 |
Mawson Res | MAW | 165 | 1.20 | 1.00 | 1.01 | -13.6 |
Cardero Res | CDU | 863 | 2.96 | 2.55 | 2.61 | -13.0 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Potash Cp Sask | POT | 7415846 | 203.37 | + 7.49 |
Agrium | AGU | 6911935 | 87.34 | + 3.52 |
Fording C C T | FDG_U | 32131 14 |
80.52 | + 3.02 |
Timminco | TIM | 11865828 | 30.45 | + 2.75 |
Harry Winston | HW | 856315 | 30.35 | + 2.49 |
MMXMineMet | XMM | 15921 | 34.75 | + 1.73 |
CIC Energy | ELC | 1323197 | 12.62 | + 1.62 |
WesternCCoal | WTN | 16553961 | 8.49 | + 1.32 |
GrandeCacheC | GCE | 12245268 | 9.52 | + 1.22 |
Major Drilling | MDI | 381875 | 56.28 | + 1.07 |
Inmet Mining | IMN | 2717392 | 66.30 | -4.92 |
IShCOMEXGTr | IGT | 23040 | 88.02 | -2.17 |
Horizns G Bull | HGU | 2311081 | 23.74 | -1.36 |
Pan Am Silver | PAA | 631535 | 32.85 | -1.31 |
Teck Comin A | TCKA | 125772 | 51.25 | -1.26 |
Barrick Gold | ABX | 14557310 | 40.40 | -1.20 |
Centerra Gold | CG | 558182 | 8.30 | -1.20 |
Altius Mnrls | ALS | 700170 | 13.08 | -1.03 |
Central Gold-T | GTU_U | 29101 | 34.44 | -0.81 |
Detour Gold | DGC | 523504 | 19.29 | -0.73 |
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