After enduring a couple of tough weeks, the TSX composite index rebounded slightly for the Aug. 16-20 period, carving out a gain of 200 points to finish at 11,722.
The Global Gold index managed a marginal uptick of 8 points to 379.63 points as gold held on to its value finishing the week where it began at US$1,223.50. A weaker U.S. dollar and uncertainty over the global economy were seen as keys to the yellow metal’s continued strength.
The diversified miners enjoyed a stronger period as the Capped Metals and Mining index was up 18 points to 914.11. The move came with the price of copper flat at US$3.26 per lb., and tin up slightly to US$9.45 per lb. The price of aluminum and nickel fell slightly, while lead and zinc prices were flat.
BHP Billiton’s bid for Potash Corp. of Saskatchewan was the big mining story of the week and made Potash Corp. the largest gainer by value. The company’s shares were up $41.05 to $157.06, signaling that investors believe a sweeter offer will arrive. BHP’s offer is for US$130 per share — a 20% premium to Potash Corp.’s closing price on Aug. 11, the day before BHP made its pitch.
And while the offer values Potash Corp. at about US$40 billion, making it the second-largest offer in Canadian history behind Rio Tinto’s US$43-billion acquisition of Alcan in 2007, Potash Corp.’s board rejected it unanimously.
Vista Gold shares jumped 33% to $2.04 after releasing a resource update as part of its prefeasibility study for its Mt. Todd gold project in Australia. The company managed to put 190.9 million tonnes into the measured and indicated category grading 0.84 gram gold for 5.13 million oz. gold. Operating costs for a future mine were estimated at US$507 per oz. over a mine life of 8.9 years. The mill is expected to turn out 187,500 oz. gold per year.
It was a busy period for Yukon-Nevada Gold with the company announcing second quarter results, closing a US$25-million financing and reporting drill results from its Ketza River gold project in the Yukon. The net affect of all the news was positive as the company’s shares finished 30% higher at 61¢. Drill highlights from Ketza River include 2.4 metres grading 20.8 grams gold and 3.2 metres of 12.2 grams gold. The company also reported that its troubled Jerritt Canyon gold mine in Nevada is almost back on track.
TSX most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Lundin Mng LUN | 37294 4.14 | 3.72 | 4.12 | + 0.34 |
Eastern Platin ELR | 29766 1.10 | 0.99 | 1.08 | + 0.10 |
KinrossGold K | 2916916.44 | 15.34 | 16.21 | +0.40 |
Great Basin Go GBG | 25896 2.24 | 1.94 | 2.12 | + 0.20 |
Yukon-Nev Gold YNG | 21945 0.65 | 0.45 | 0.61 | + 0.14 |
PotashCpSask POT | 17101157.19 | 115.56 | 157.06 | +41.05 |
Western Coal WTN | 15640 3.96 | 3.70 | 3.80 | -0.09 |
Teck B TCKB | 14971 36.35 | 33.05 | 34.35 | + 0.80 |
Red Back Mng RBI | 14455 28.72 | 26.84 | 28.40 | + 0.47 |
B2Gold BTO | 13821 1.97 | 1.76 | 1.90 | + 0.15 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
PotashCpSask | POT | 17101213 | 157.06 | + 41.05 | ||
Royal Gold | RGL | 16652 | 51.34 | + 3.71 | ||
Seabridge Gold | SEA | 274942 | 29.58 | + 3.25 | ||
Allied Nevada | ANV | 1700019 | 23.06 | + 2.76 | ||
Goldcorp | G | 12127081 | 43.94 | + 2.61 | ||
Barrick Gold | ABX | 10568363 | 46.90 | + 2.12 | ||
Coeur d Alene | CDM | 94164 | 17.19 | + 2.02 | ||
Agrium | AGU | 8503780 | 72.03 | + 1.96 | ||
Agnico-Eagle | AEM | 3134104 | 66.23 | + 1.90 | ||
Newmont Mng | NMC | 28673 | 60.81 | + 1.87 | ||
First Quantum | FM | 2303164 | 56.15 | -3.80 | ||
SouthGobi Res | SGQ | 252698 | 10.81 | -1.12 | ||
HoriznsGBear | HGD | 2953250 | 11.94 | -0.99 | ||
Imperial Metal | III | 121993 | 15.75 | -0.65 | ||
Crew Gold | CRU | 168221 | 4.42 | -0.28 | ||
PlatinumGpMt | PTM | 2017897 | 1.86 | -0.24 | ||
Virginia Mines | VGQ | 66607 | 7.50 | -0.24 | ||
Harry Winston | HW | 837413 | 11.61 | -0.19 | ||
Volta Res | VTR | 8888819 | 1.40 | -0.14 | ||
Capital Gold | CGC | 118573 | 3.53 | -0.13 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
PotashCpSask | POT | 17101213 | 157.06 | + 41.05 |
Royal Gold | RGL | 16652 | 51.34 | + 3.71 |
Seabridge Gold | SEA | 274942 | 29.58 | + 3.25 |
Allied Nevada | ANV | 1700019 | 23.06 | + 2.76 |
Goldcorp | G | 12127081 | 43.94 | + 2.61 |
Barrick Gold | ABX | 10568363 | 46.90 | + 2.12 |
Coeur d Alene | CDM | 94164 | 17.19 | + 2.02 |
Agrium | AGU | 8503780 | 72.03 | + 1.96 |
Agnico-Eagle | AEM | 3134104 | 66.23 | + 1.90 |
Newmont Mng | NMC | 28673 | 60.81 | + 1.87 |
First Quantum | FM | 2303164 | 56.15 | -3.80 |
SouthGobi Res | SGQ | 252698 | 10.81 | -1.12 |
HoriznsGBear | HGD | 2953250 | 11.94 | -0.99 |
Imperial Metal | III | 121993 | 15.75 | -0.65 |
Crew Gold | CRU | 168221 | 4.42 | -0.28 |
PlatinumGpMt | PTM | 2017897 | 1.86 | -0.24 |
Virginia Mines | VGQ | 66607 | 7.50 | -0.24 |
Harry Winston | HW | 837413 | 11.61 | -0.19 |
Volta Res < /td> | VTR | 8888819 | 1.40 | -0.14 |
Capital Gold | CGC | 118573 | 3.53 | -0.13 |
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