The TSX composite index was up a modest 14 points to finish the Sept 20-24 period at 12,204.86. The big story was the Canadian dollar’s failure to rise despite a weakening U.S. greenback. While most major currencies appreciated against the U.S. dollar, fears that the Canadian economy may be too tied to the slumping American economy was seen as the culprit. Economic growth in Canada is on track for a less-than-inspiring 1-1.5% for the third quarter.
Despite gold’s continuous march towards new heights, the Global Gold index was pretty much flat for the period as it moved up just 0.44 point to finish at 399.62. The metal itself, however, finished at US$1,297, or up roughly US$17.
The Capped Metals & Mining index carved out a modest gain of 72 points to finish at 1,116.40 as the price of copper and aluminum rose while nickel fell and tin prices were flat. Zinc and lead were up as they both broke through the US$1-per-lb. level.
Word of a takeover bid for Baffinland Iron Mines had its shares climbing. The company was up 84% to $1.03 after announcing that Nunavut Iron Ore Acquisition, a subsidiary of Australian-based Iron Ore Holdings, had made an offer of 80¢ per share. Baffinland’s board is reviewing the offer although the company did note that the offer is not classified as a “permitted bid” under its shareholder rights plan. Baffinland is exploring and developing iron ore deposits at its Mary River property on Baffin Island.
Minera Andes settled its legal dispute with its joint-venture partner at an Argentine gold and silver mine and saw its shares climb as a result. The company’s shares finished at $1.46 after announcing it had come to terms with Hochschild Mining at the jointly held San Jose mine. The two companies had been arguing over how cash flows from the mine would be distributed, with Minera Andes wanting the money to go towards a loan it made to the joint venture and Hochschild preferring the money to go towards a project-financing loan it arranged first. The deal will see cash flows split between the two loans.
Mongolia offered some optimism for embattled Khan Resources as the company’s shares shot up 32% to 41¢. The good news was the Mongolia Nuclear Energy Agency’s (NEA) failure to appeal a court ruling which said that the NEA’s invalidation of exploration licences on the company’s Dornod uranium property was illegal. Khan is not out of the woods yet. A separate and earlier court ruling that also called the NEA’s actions illegal is still under appeal by the agency. That appeal should be heard in late September. The company said it filed a $300-million lawsuit with the Ontario Superior Court against the Russian miner Atomredmetzoloto for its “continuing efforts to secure Khan’s rights” to Dornod.
TSX most active issues | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Kinross Gold | K | 81777 | 19.95 | 18.86 | 19.43 | + 0.50 |
Baffinland Irn | BIM | 78067 | 1.04 | 0.54 | 1.03 | + 0.47 |
Mirabela Nickl | MNB | 30868 | 1.83 | 1.65 | 1.82 | + 0.09 |
Starfield Res | SRU | 29617 | 0.05 | 0.04 | 0.04 | -0.02 |
Yamana Gold | YRI | 26254 | 11.57 | 10.85 | 11.40 | + 0.35 |
Alexis Minls | AMC | 20350 | 0.21 | 0.15 | 0.17 | -0.02 |
Western Coal | WTN | 20280 | 5.47 | 4.95 | 5.43 | + 0.25 |
Rubicon Mnrls | RMX | 19271 | 4.37 | 4.02 | 4.28 | + 0.15 |
Teck B | TCKB | 17489 | 40.63 | 38.25 | 40.35 | + 1.03 |
Andean Res | AND | 17473 | 6.45 | 6.23 | 6.33 | + 0.11 |
TSX greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Baffinland Irn | BIM | 78067 | 1.04 | 0.54 | 1.03 | + 83.9 |
American Bonan | BZA | 5056 | 0.37 | 0.23 | 0.34 | + 41.6 |
Orezone Gold | ORE | 3946 | 1.42 | 0.97 | 1.37 | + 41.2 |
Revett Mnls | RVM | 2877 | 0.50 | 0.38 | 0.49 | + 40.0 |
Nuinsco Res | NWI | 5216 | 0.09 | 0.05 | 0.08 | + 33.3 |
BioteQ Env | BQE | 661 | 0.84 | 0.62 | 0.84 | + 33.3 |
Canadn Zinc | CZN | 2483 | 0.67 | 0.50 | 0.65 | + 32.6 |
United Mng Grp | UMG | 2132 | 0.96 | 0.66 | 0.90 | + 32.3 |
Khan Res | KRI | 1360 | 0.44 | 0.31 | 0.41 | + 32.2 |
Minera Andes | MAI | 12775 | 1.66 | 1.12 | 1.46 | + 31.5 |
Starfield Res | SRU | 29617 | 0.05 | 0.04 | 0.04 | -33.3 |
Canarc Res | CCM | 784 | 0.10 | 0.08 | 0.08 | -20.0 |
Crowflight Mnl | CML | 16048 | 0.12 | 0.09 | 0.09 | -18.1 |
Adanac Moly | AUA | 423 | 0.05 | 0.05 | 0.05 | -16.6 |
Forsys Metals | FSY | 1453 | 2.28 | 2.00 | 2.02 | -12.5 |
EMC Metals | EMC | 485 | 0.09 | 0.07 | 0.07 | -12.5 |
Excellon Res | EXN | 2388 | 0.89 | 0.76 | 0.79 | -12.2 |
St Andrew Gldf | SAS | 2553 | 1.71 | 1.36 | 1.45 | -11.5 |
Polaris Minls | PLS | 100 | 1.05 | 0.93 | 0.93 | -11.4 |
MInera IRL | IRL | 63 | 1.55 | 1.20 | 1.33 | -11.3 |
TSX greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
First Quantum | FM | 2247320 | 74.07 | + 6.62 |
Ivanhoe Mines | IVN | 5949265 | 24.22 | + 3.23 |
Agrium | AGU | 4536274 | 79.17 | + 2.06 |
Inmet Mining | IMN | 1012803 | 59.10 | + 2.03 |
Silver Wheaton | SLW | 11398970 | 27.25 | + 1.50 |
Cameco Corp | CCO | 4521675 | 28.18 | + 1.26 |
Allied Nevada | ANV | 873391 | 28.18 | + 1.22 |
Golden Mnls | AUM | 145947 | 14.51 | + 1.17 |
First Majestic | FR | 4430582 | 6.92 | + 1.04 |
Red Back Mng | RBI | 12156203 | 34.80 | + 1.03 |
PotashCpSask | POT | 4950511 | 149.39 | -2.20 |
Eldorado Gold | ELD | 16208608 | 18.70 | -1.48 |
Detour Gold | DGC | 3920773 | 29.94 | -1.02 |
Royal Gold | RGL | 10803 | 51.30 | -0.70 |
Mag Silver | MAG | 533986 | 7.87 | -0.60 |
Exeter Res | XRC | 632799 | 6.70 | -0.55 |
Anatolia Minls | ANO | 3819702 | 7.02 | -0.52 |
Seabridge Gold | SEA | 123326 | 30.27 | -0.52 |
Fronteer Gold | FRG | 3524230 | 7.24 | -0.45 |
IAMGold Corp | IMG | 9382248 | 17.95 | -0.37 |
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