The TSX composite index fell 175.87 points or 1.4% to finish the Nov. 8-12 trading week at 12,749.24, while the Capped Metals & Mining index slid 48.02 points or 3.62% to 1,280.02. One hundred and forty-two companies reached new 52-week highs, while four companies fell to new lows.
Baffinland Iron Mines was the most active, with 82.8 million shares changing hands following news on Nov. 8 that the junior had agreed to a friendly takeover from Luxembourg-based steel giant ArcelorMittal. Some analysts believe the junior could become the subject of a bidding war as the $433-million deal with ArcelorMittal followed a hostile takeover bid (Sept. 22) from Nunavut Iron Ore Acquisition Inc., which is wholly-owned by Iron Ore Holdings. Both companies want to get their hands on Baffinland’s undeveloped Mary River iron ore property on Baffin Island, 1,000 km northwest of Nunavut’s capital, Iqaluit. Mary River has about 354 million tonnes grading an average of 65% iron. ArcelorMittal has offered $1.10 per share and 10¢ for each outstanding 2007 warrant. The ArcelorMittal deal will require at least two-thirds approval by Baffinland’s shareholders. Baffinland shares rose 23¢ to $1.18.
Cameco posted the largest value gain, adding $3.12 per share to close at $36.28. The uranium producer announced on Nov. 8 that a stronger Canadian dollar and lower profits from its electricity business contributed to lower third-quarter profits for the company, but nevertheless registered a 17% rise in production and a 13% decrease in the average unit cost of production in the first nine months of the year. Revenues were lower in the third quarter because of the timing of uranium deliveries and about one-third of Cameco’s 2010 uranium sales will be delivered in the fourth quarter. Net earnings in the three months to Sept. 30 reached $98 million (25¢ per share diluted), compared to $172 million (44¢ per share diluted) in the third quarter of 2009.
Record prices for gold and silver sent Pan American Silver shares up $2.45 to $37.13. Pan American recorded net income in the third quarter increased 66% to US$28.8 million, or US27¢ per share, while mine operating earnings hit a record US$60.6 million, an increase of 75%. Sales also reached a new record of US$161.3 million, an increase of 36%.
On the negative side of the ledger, First Quantum Minerals shares plunged $5.45 to $89.91, after reporting third-quarter financial results. The company, which has been forced to close down its Frontier copper operation in the Democratic Republic of the Congo, posted a net loss of US$136.7 million (US$1.70 per share) in the third quarter compared with net earnings in the year-ago quarter of US$123.8 million. Excluding one-time charges including the Frontier costs, the company said it earned US$129.7 million or US$1.62 per share.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Baffinland Irn | BIM | 82893 | 1.20 | 1.10 | 1.18 | + 0.23 |
| First Uranium | FIU | 69314 | 1.36 | 0.92 | 1.14 | + 0.22 |
| Uranium One | UUU | 43840 | 5.30 | 4.56 | 4.79 | -0.21 |
| Eastern Platin | ELR | 40397 | 1.98 | 1.78 | 1.88 | + 0.03 |
| Yamana Gold | YRI | 34153 | 12.48 | 11.40 | 11.83 | + 0.15 |
| Denison Mines | DML | 29995 | 3.10 | 2.52 | 2.68 | + 0.19 |
| Equinox Minls | EQN | 28518 | 6.50 | 5.53 | 5.80 | -0.61 |
| Lundin Mng | LUN | 27615 | 7.11 | 6.48 | 6.68 | -0.07 |
| Eldorado Gold | ELD | 22034 | 19.27 | 17.28 | 17.94 | -0.92 |
| EMC Metals | EMC | 21116 | 0.25 | 0.15 | 0.22 | + 0.13 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| EMC Metals | EMC | 21116 | 0.25 | 0.15 | 0.22 | + 144.4 |
| Champion Minls | CHM | 10988 | 1.65 | 1.10 | 1.62 | + 48.6 |
| Polaris Minls | PLS | 395 | 1.89 | 1.11 | 1.65 | + 46.0 |
| ECU Silver Mng | ECU | 18247 | 1.44 | 0.87 | 1.19 | + 35.2 |
| Acadian Mng | ADA | 3750 | 0.05 | 0.04 | 0.04 | + 33.3 |
| Metalline Mng | MMZ | 49 | 0.85 | 0.63 | 0.81 | + 32.7 |
| Crosshair E&Mg | CXX | 4251 | 0.28 | 0.20 | 0.25 | + 31.5 |
| Avnel Gold | AVK | 742 | 0.37 | 0.25 | 0.34 | + 30.7 |
| South Am Silvr | SAC | 2654 | 1.92 | 1.38 | 1.87 | + 29.8 |
| Scorpio Mining | SPM | 6829 | 1.25 | 0.95 | 1.19 | + 26.6 |
| Mundoro Cap | MUN | 1422 | 0.79 | 0.54 | 0.54 | -31.6 |
| Golden Peaks | GL | 219 | 0.67 | 0.50 | 0.53 | -26.3 |
| Liberty Mines | LBE | 3287 | 0.19 | 0.14 | 0.14 | -26.3 |
| Canarc Res | CCM | 3356 | 0.23 | 0.12 | 0.14 | -26.3 |
| Golden Star | GSC | 8436 | 6.21 | 4.51 | 4.53 | -21.6 |
| CIC Energy | ELC | 2183 | 5.95 | 4.20 | 4.76 | -20.9 |
| Starcore Int V | SAM | 7022 | 0.11 | 0.08 | 0.08 | -20.0 |
| Talon Metals | TLO | 195 | 0.92 | 0.72 | 0.73 | -17.0 |
| Marengo Mng | MRN | 1395 | 0.31 | 0.22 | 0.25 | -16.6 |
| Candente Coppr | DNT | 4033 | 0.95 | 0.75 | 0.75 | -15.7 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Cameco Corp | CCO | 12807389 | 36.28 | + 3.12 |
| Pan Am Silver | PAA | 3624300 | 37.13 | + 2.45 |
| Barrick Gold | ABX | 20767670 | 51.25 | + 2.10 |
| NovaGold Res | NG | 5262770 | 14.72 | + 1.39 |
| Detour Gold | DGC | 1714946 | 32.48 | + 1.28 |
| Silver Wheaton | SLW | 15579216 | 34.11 | + 1.14 |
| Royal Gold | RGL | 20581 | 52.40 | + 0.95 |
| DundeePrecMt | DPM | 4691109 | 7.66 | + 0.81 |
| Ventana Gold | VEN | 7467352 | 10.16 | + 0.79 |
| Minco Silver | MSV | 2135295 | 5.65 | + 0.79 |
| First Quantum | FM | 2973083 | 89.91 | -5.45 |
| Agrium | AGU | 4667582 | 81.70 | -3.51 |
| Labdr I-Ore Ro | LIF_U | 383813 | 61.27 | -2.83 |
| Major Drilling | MDI | 353889 | 33.50 | -2.42 |
| Inmet Mining | IMN | 1436722 | 62.75 | -2.12 |
| Imperial Metal | III | 221308 | 24.39 | -1.59 |
| Guyana Gldflds | GUY | 6414371 | 9.80 | -1.58 |
| Alamos Gold | AGI | 3097936 | 17.66 | -1.33 |
| Seabridge Gold | SEA | 218224 | 28.80 | -1.30 |
| CIC Energy | ELC | 2183010 | 4.76 | -1.26 |
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