The TSX Composite Index was just shy of reaching last summer’s record high over the May 6-12 trading period. The benchmark was up 2.7% to 14,666.07 as materials and energy producers benefited from surging commodity prices.
The Capped Metals and Mining Index remained relatively flat, up just 1.44 points to 861.29 while the Global Gold Index gained 7.2 points to close at 316.67.
Yet again, Yamana Gold was a volume leader over the period. With 42.4 million shares traded, Yamana rose 83 to finish at $14.39. Eastern Platinum shares were also actively traded with 40.2 million changing hands, nudging the stock ahead 5 to $2.90.
Breakwater Resources, in third spot with 36.9 million shares traded, fell 17 to 80 each. After disappointing first-quarter results, analysts are worried that Breakwater’s declining cash position will cause it serious liquidity problems as a result of low zinc prices. The company had $12.7 million in the bank at the end of the first quarter, down from $60.9 million at the end of 2007. Breakwater has suspended a $10-million investment in its Myra Falls project, on Vancouver Island, in B. C.
Potash Corp. of Saskatchewan, Cameco and Timminco were the top gainers by volume over the period. As the speculators continue to question an ongoing global food crisis, Potash shares gained $5.39 to close out at $201.75. The stock has nearly doubled since last fall and has grown a sizable 1,800% since it listed 20 years ago.
Cameco shares rose $4.35 to $40.28 and Timminco gained $3.80 to $23 per share.
Cline Mining was the top gainer by percentage, surging 254% to $1.45 per share on 27.8 million shares traded. The company is on the cusp of bringing its New Elk coal mine in Colorado into production, having acquired all of the surface assets on the property. The mine has a resource of 315 million tons of inplace coal and the company plans to operate at a rate of 550 tons per hour.
Uranium explorer Mawson Resources was a distant second, gaining 53% to $1.22 per share, while Independent Nickel gained 41% to 58 apiece on news of a new discovery at Lynn Lake in Manitoba.
Western Goldfields was the top loser by percentage, down 26.7% to $2.16 per share. In its first-quarter results, the company said it produced 9,146 oz. of gold from its Mesquite open-pit, heap-leach operation in California, and reported a net loss of US$19.6 million, or US14 per share. Production forecasts for the year were lowered by 20,000 oz. to 135,000-145,000 oz. gold and costs have risen by US$60 per oz. to US$470-490 per oz. Recovery has been lower than anticipated due to the timing of leaching and gold tied up in solution as pad inventory.
Quebec and Idaho explorer, Atlanta Gold, fell 22% to $1.05 and Arehada Mining, a base metals explorer and producer in China and Mongolia, shed 20%, closing at 28 per share.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Yamana Gold | YRI | 42383 | 15.20 | 13.63 | 14.39 | + 0.83 |
| Eastern Platin | ELR | 40221 | 3.05 | 2.81 | 2.90 | + 0.05 |
| Breakwater Res | BWR | 36942 | 1.01 | 0.77 | 0.80 | -0.17 |
| Uranium One | UUU | 29483 | 4.72 | 4.40 | 4.56 | -0.04 |
| Equinox Minls | EQN | 29383 | 5.15 | 4.45 | 4.61 | -0.17 |
| Cline Mng | CMK | 27829 | 1.68 | 0.40 | 1.45 | + 1.04 |
| Timminco | TIM | 25871 | 26.74 | 19.10 | 23.00 | + 3.80 |
| Kinross Gold | K | 22499 | 20.78 | 19.06 | 19.77 | -0.27 |
| Barrick Gold | ABX | 20235 | 41.25 | 38.82 | 38.95 | -0.46 |
| Blue Note Mng | BN | 18966 | 0.31 | 0.28 | 0.29 | 0.00 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Cline Mng | CMK | 27829 | 1.68 | 0.40 | 1.45 | +253.6 |
| Mawson Res | MAW | 281 | 1.28 | 0.80 | 1.22 | + 52.5 |
| Independent Ni | INI | 2766 | 0.62 | 0.41 | 0.58 | + 41.4 |
| Hillsborough | HLB | 6309 | 1.29 | 0.92 | 1.23 | + 35.1 |
| Cancor Mines | KCR | 64 | 0.16 | 0.11 | 0.16 | + 33.3 |
| Kimber Res | KBR | 372 | 1.98 | 1.42 | 1.88 | + 31.4 |
| Sprott Res | SCP | 5683 | 4.50 | 3.28 | 4.22 | + 30.6 |
| Laramide Res | LAM | 1635 | 3.97 | 3.01 | 3.96 | + 27.7 |
| Carlisle Goldf | CGJ | 114 | 0.17 | 0.12 | 0.15 | + 25.0 |
| Coalcorp wt | CCJ_T | 79 | 0.16 | 0.12 | 0.15 | + 25.0 |
| Western Goldfd | WGI | 11085 | 2.97 | 2.14 | 2.16 | -26.7 |
| Atlanta Gold | ATG | 211 | 1.44 | 0.95 | 1.05 | -22.2 |
| Arehada Mining | AHD | 84 | 0.32 | 0.26 | 0.28 | -20.0 |
| Avnel Gold | AVK | 3313 | 0.23 | 0.21 | 0.21 | -19.2 |
| Teal Expl & Mg | TL | 50 | 3.90 | 3.40 | 3.75 | -18.4 |
| FNX Mining | FNX | 5088 | 31.00 | 24.70 | 24.95 | -17.9 |
| Breakwater Res | BWR | 36942 | 1.01 | 0.77 | 0.80 | -17.5 |
| Silver Bear Rs | SBR | 29 | 2.45 | 2.00 | 2.39 | -16.1 |
| Anvil Mining | AVM | 670 | 14.70 | 11.90 | 12.10 | -15.6 |
| Orezone Res | OZN | 1485 | 1.35 | 1.17 | 1.17 | -13.3 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Potash Cp Sask | POT | 8304470 | 201.75 | + 5.39 |
| Cameco Corp | CCO | 10960469 | 40.28 | + 4.35 |
| Timminco | TIM | 25871296 | 23.00 | + 3.80 |
| Agrium | AGU | 6137692 | 86.89 | + 2.66 |
| Labdr I-Ore Ro | LIF_U | 552180 | 58.50 | + 2.59 |
| Goldcorp | G | 18483037 | 39.66 | + 2.50 |
| Fording C C T | FDG_U | 3077907 | 70.00 | + 2.49 |
| Boliden AB | BLS | 19835 | 13.00 | + 2.49 |
| Quadra Mng | QUA | 2478212 | 26.31 | + 2.44 |
| Altius Mnrls | ALS | 695910 | 16.18 | + 1.73 |
| FNX Mining | FNX | 5087789 | 24.95 | -5.45 |
| Inmet Mining | IMN | 1244491 | 77.46 | -3.85 |
| HudBay Minls | HBM | 13826813 | 17.54 | -2.64 |
| Anvil Mining | AVM | 669803 | 12.10 | -2.25 |
| Katanga Mng | KAT | 1821781 | 11.48 | -1.32 |
| Teal Expl & Mg | TL | 50290 | 3.75 | -0.85 |
| Western Goldfd | WGI | 11084871 | 2.16 | -0.79 |
| Horizns G Bear | HGD | 1754206 | 10.87 | -0.70 |
| Newmont Mng | NMC | 108263 | 45.53 | -0.57 |
| Harry Winston | HW | 702619 | 30.41 | -0.54 |
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