Trouble south of the border brought the TSX Composite Index down to worrisome depths over the Sept. 23-29 trading period. The index lost a total of 1,353 points, but most of the decline came on a record-breaking one-day drop of 840.93 after the U. S. Congress voted against the US$700-billion bailout plan.
One of the few beneficiaries of the recent market turmoil has been gold, and the metal gained roughly US$16 to finish at US$905 per oz. for the period. While such a gain could be seen as a key factor in the status of Yamana Gold and Barrick Gold as two of the three most actively traded companies over the session, those gains failed to work their way through to their share prices. Yamana fell $1.99 to $9 and Barrick rose just 83 to $40.44. Overall, the Global Gold Index fell roughly 24 points to 268.30.
The diversified miners fared only slightly better. The Capped Metals & Mining Index lost roughly 9 points to finish at 489.01 as copper, aluminum, nickel, lead and zinc prices all fell, while tin managed a small uptick.
Nord Resources was one of the period’s happy stories, gaining roughly 67% to finish at 50. The company announced it was on track to restart mining at its Johnson Camp in Arizona in the first quarter of 2009. Production is slated to come in at a rate of 25 million lbs. of copper per year.
Word of a merger between Talon Metals and Saber Resources sent Talon shares up 33% to 56. Talon is merging with Saber to get in on its coal-bed methane exploration projects in Botswana. Talon is giving Saber a $6-million loan for 3 million share purchase warrants. The deal will value Saber and Talon shares equally, as each will be able to be exchanged for one share of the merged company.
A new resource estimate for its Matoush uranium project gave Strateco Resources a lift of 30% to $1.55. Indicated resources are now estimated to total 250,000 tonnes grading 0.68% U3O8 containing 3.73 million lbs. U3O8, while inferred resources came in at 3 million tonnes grading 0.44% U3O8 for 13.07 million lbs. U3O8.
Two gold miners in Burkina Faso have seen their share prices take recent hits.
High River Gold Mines saw its share price nearly halved on Sept. 19, after falling off the Global Gold Index. The company says its removal from the index resulted in widespread institutional selling of its shares.
High River, which operates the Taparko mine in Burkina Faso, has since recovered as its shares moved back into the 60 range.
Orezone Resources, which is developing the Essakane gold project in Burkina, saw its share price fall by almost 50% during the session on no news. At the beginning of September, it announced it had secured debt financing for the development of the mine in the range of US$330 million.
| TSX most active issues | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Yamana Gold | YRI | 47698 | 11.20 | 8.70 | 9.00 | -1.99 |
| Eastern Platin | ELR | 35526 | 1.11 | 0.70 | 0.74 | -0.26 |
| Barrick Gold | ABX | 30467 | 41.21 | 37.30 | 40.44 | + 0.83 |
| Tiomin Res | TIO | 28374 | 0.08 | 0.05 | 0.07 | + 0.01 |
| Kinross Gold | K | 28324 | 18.32 | 16.58 | 17.10 | -1.26 |
| Goldcorp | G | 25975 | 38.39 | 32.80 | 34.40 | -3.49 |
| Campbell Res | CCH | 25004 | 0.03 | 0.01 | 0.02 | -0.01 |
| HudBay Minls | HBM | 22180 | 7.64 | 6.35 | 6.58 | -0.23 |
| Teck Comin B | TCKB | 19108 | 36.86 | 27.00 | 28.92 | -7.83 |
| Uranium One | UUU | 18958 | 3.80 | 2.43 | 2.50 | -1.00 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Energem Res | ENM | 7170 | 0.18 | 0.08 | 0.17 | + 70.0 |
| Nord Res | NRD | 180 | 0.51 | 0.38 | 0.50 | + 66.6 |
| X-Cal Res | XCL | 538 | 0.09 | 0.05 | 0.06 | + 50.0 |
| Shore Gold | SGF | 7984 | 1.40 | 0.73 | 1.02 | + 41.6 |
| Talon Metals | TLO | 186 | 0.59 | 0.39 | 0.56 | + 33.3 |
| Strateco Res | RSC | 2459 | 1.77 | 1.23 | 1.55 | + 30.2 |
| Copper Mesa | CUX | 3624 | 0.12 | 0.07 | 0.09 | + 28.5 |
| Malaga | MLG | 645 | 0.19 | 0.13 | 0.19 | + 26.6 |
| Pac Rim Mining | PMU | 1138 | 0.40 | 0.25 | 0.35 | + 25.0 |
| DynacorGoldM | DNG | 54 | 0.25 | 0.20 | 0.25 | + 25.0 |
| Coalcorp wt | CCJ_T | 38 | 0.04 | 0.03 | 0.03 | -72.7 |
| Tahera Diam | TAH | 4460 | 0.04 | 0.01 | 0.01 | -66.6 |
| Phoenix Coal | PHC | 5146 | 0.53 | 0.19 | 0.19 | -63.4 |
| Orezone Res | OZN | 7834 | 0.99 | 0.49 | 0.53 | -49.0 |
| Sierra Minls | SIM | 40 | 0.19 | 0.17 | 0.19 | -48.6 |
| Diamond Fields | DFI | 575 | 0.31 | 0.04 | 0.14 | -46.1 |
| Birch Mountn | BMD | 923 | 0.15 | 0.08 | 0.09 | -40.0 |
| Chariot Res | CHD | 10695 | 0.33 | 0.20 | 0.21 | -40.0 |
| Vaaldiam Res | VAA | 1986 | 0.11 | 0.05 | 0.06 | -40.0 |
| Zincore Mtls | ZNC | 4769 | 0.08 | 0.03 | 0.05 | -37.5 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Horizns G Bear | HGD | 6586618 | 10.52 | + 1.31 |
| Timminco | TIM | 4639236 | 13.98 | + 1.25 |
| Central Gold-T | GTU_U | 58685 | 40.38 | + 1.23 |
| Barrick Gold | ABX | 30466631 | 40.44 | + 0.83 |
| Centerra Gold | CG | 1614862 | 4.11 | + 0.56 |
| Strateco Res | RSC | 2459106 | 1.55 | + 0.36 |
| Mag Silver | MAG | 1064196 | 5.95 | + 0.35 |
| Marklnd AGF PM | MPM | 46100 | 6.60 | + 0.34 |
| Guyana Gldflds | GUY | 482818 | 2.87 | + 0.30 |
| Shore Gold | SGF | 7983598 | 1.02 | + 0.30 |
| Potash Cp Sask | POT | 10642728 | 135.36 | -50.47 |
| Agrium | AGU | 12132187 | 56.36 | -31.05 |
| First Quantum | FM | 3138988 | 33.70 | -15.80 |
| Inmet Mining | IMN | 2040764 | 46.63 | -12.12 |
| Teck Comin B | TCKB | 19107654 | 28.92 | -7.83 |
| Major Drilling | MDI | 1113022 | 28.88 | -7.57 |
| Agnico-Eagle | AEM | 7323438 | 60.84 | -7.48 |
| Teck Comin A | TCKA | 17258 | 31.99 | -7.26 |
| Labdr I-Ore Ro | LIF_U | 784009 | 44.10 | -4.90 |
| Silver Std Res | SSO | 697715 | 17.71 | -4.89 |
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