The TSX composite index finished the June 14-18 period higher as gold rose to record highs and the situation in Europe continued to brighten.
More positive news also came out of China when the country signaled that it might be open to allowing its currency to slowly appreciate. The yuan’s subsequent gain and the dollar’s demise helped spur gold prices, and oil also received a boost from signs that Chinese demand for crude would pick up in the coming weeks.
But interest in gold and oil failed to translate into interest in the base metals. Copper, aluminum, nickel and zinc prices all fell for the period and the Capped Metals and Mining index was off modestly to 903 points.
The higher gold price coincided well with developments at Banro’s Twangiza gold project in the Democratic Republic of the Congo. The company announced that a refurbished gold mill was en route from Australia and would arrive in Africa by July. Banro says it’s on schedule to finish building the first phase at the mine in the fourth quarter of 2011. The mine is set to process 1.3 million tonnes of ore per year. Banro has outlined 6.7 million oz. of measured and indicated resources along the 210-km long Twangiza-Namoya gold belt. Its shares were up 19% to $2.15 for the period.
The period’s other big winner was Avalon Rare Metals. The Toronto-based company was up 29% to $2.65 apiece, after recently announcing an updated resource estimate for its Nechalacho rare earth element (REE) deposit at Thor Lake in the Northwest Territories. The project is now the world’s second-largest REE deposit by reported total rare earth oxides and the third-largest niobium deposit.
Optimism over Volta Resources’ new drill program at its Nassara prospect on the Danyoro permit in Burkina Faso had the company’s shares up nearly 20% to $1.34. The new 3,500-metre program will follow up on a recent trenching campaign that returned a highlight assay of 1.95 grams gold per tonne over 25 metres.
Anatolia Minerals now has the land titles it needs for its Copler gold mine in eastern Turkey and the market signaled its approval by sending the company’s shares up 19% to $6.05 for the period. Anatolia now has titles to all the private land within the footprint of the mine’s first development phase. Anatolia will move the village north of the mine site.
Ongoing labour disruptions forced Gammon Gold to shut down its El Cubo operation in Mexico. The news sent the company’s shares down 14% to $6.76 for the period. Gammon called workers’ demands “untenable” and blames the union’s poor productivity for spoiling the mine’s economics. Gammon has already fired 397 union workers and is filing criminal charges against seven union executives.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Centamin Egypt | CEE | 26059 | 2.64 | 2.42 | 2.55 | + 0.12 |
Eastern Platin | ELR | 23042 | 1.28 | 1.19 | 1.21 | -0.01 |
Barrick Gold | ABX | 22252 | 47.47 | 42.93 | 47.01 | + 2.45 |
Uranium One | UUU | 22198 | 2.32 | 2.14 | 2.32 | + 0.07 |
Western Coal | WTN | 21747 | 5.16 | 4.66 | 4.74 | -0.16 |
Lundin Mng | LUN | 20669 | 3.82 | 3.60 | 3.70 | + 0.03 |
Yamana Gold | YRI | 20362 | 11.35 | 10.53 | 11.22 | + 0.27 |
Teck B | TCKB | 18720 | 36.64 | 34.96 | 35.39 | + 0.66 |
B2Gold | BTO | 18455 | 1.92 | 1.47 | 1.83 | + 0.31 |
Cons Thomp Irn | CLM | 16966 | 8.44 | 7.81 | 7.92 | -0.19 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
South Am Gld&C | SAG | 791 | 0.04 | 0.03 | 0.03 | + 50.0 |
AvalonRareMt | AVL | 1930 | 2.80 | 2.06 | 2.65 | + 29.2 |
Treasury Metal | TML | 195 | 0.38 | 0.27 | 0.37 | + 23.3 |
Mediterrn Res | MNR | 169 | 0.11 | 0.09 | 0.11 | + 22.2 |
Contintl Gold | CNL | 2463 | 3.50 | 2.63 | 3.40 | + 21.4 |
B2Gold | BTO | 18455 | 1.92 | 1.47 | 1.83 | + 20.3 |
X-Cal Res | XCL | 149 | 0.12 | 0.10 | 0.12 | + 20.0 |
Volta Res | VTR | 3218 | 1.46 | 1.10 | 1.34 | + 19.6 |
Banro Res | BAA | 6032 | 2.19 | 1.83 | 2.15 | + 19.4 |
Anatolia Minls | ANO | 6129 | 6.14 | 4.99 | 6.05 | + 19.0 |
BRC DiamondCr | BCD | 10 | 0.12 | 0.08 | 0.08 | -38.4 |
Nord Res | NRD | 18 | 0.12 | 0.12 | 0.12 | -25.0 |
Starcore Int V | SAM | 4140 | 0.13 | 0.09 | 0.10 | -23.0 |
Velocity Minls | VLC | 34 | 0.15 | 0.12 | 0.12 | -20.0 |
Acadian Mng | ADA | 393 | 0.05 | 0.05 | 0.05 | -16.6 |
Crosshair E&Mg | CXX | 2846 | 0.13 | 0.10 | 0.11 | -15.3 |
Gammon Gold | GAM | 5515 | 7.96 | 6.73 | 6.76 | -14.4 |
TriAusMin | TOR | 12 | 0.06 | 0.06 | 0.06 | -14.2 |
Olympus Pacif | OYM | 2264 | 0.32 | 0.26 | 0.28 | -12.5 |
Grandview Gld | GVX | 183 | 0.08 | 0.06 | 0.07 | -12.5 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
First Quantum | FM | 4072504 | 61.89 | + 6.10 |
Newmont Mng | NMC | 71075 | 62.83 | + 4.59 |
Agnico-Eagle | AEM | 4426601 | 66.14 | + 3.88 |
Barrick Gold | ABX | 22251793 | 47.01 | + 2.45 |
Coeur d Alene | CDM | 130788 | 17.38 | + 2.20 |
Allied Nevada | ANV | 1261778 | 22.13 | + 2.18 |
Pan Am Silver | PAA | 1196632 | 28.19 | + 1.95 |
Inmet Mining | IMN | 1547021 | 46.55 | + 1.92 |
Teck A | TCKA | 11579 | 37.47 | + 1.86 |
Alamos Gold | AGI | 2784761 | 17.50 | + 1.83 |
CentralGold-T | GTU_U | 49775 | 49.70 | -2.91 |
PotashCpSask | POT | 4864741 | 101.10 | -2.81 |
HoriznsGBear | HGD | 3038920 | 12.02 | -1.43 |
Gammon Gold | GAM | 5514960 | 6.76 | -1.14 |
Agrium | AGU | 3964403 | 53.17 | -0.94 |
IShCOMEXGTr | IGT | 37115 | 12.58 | -0.72 |
Centerra Gold | CG | 2558845 | 11.94 | -0.53 |
Harry Winston | HW | 6251529 | 13.89 | -0.41 |
Fronteer Gold | FRG | 13283052 | 6.74 | -0.35 |
JinshanGoldM | JIN | 1505841 | 4.04 | -0.30 |
Be the first to comment on "TORONTO STOCK EXCHANGE -June 14-18"