Trading Summary (March 11, 2004)

Toronto’s gold and diversified metals & mining indices, and little else, rebounded on Thursday, with the golds grabbing 1.10 point to reach 211.59, and the base metal miners adding 1.6 point to hit 214.99. Overall, the S&P-TSX composite index shed another 81.54 points to settle at 8,503.88, to make it four straight days of losses.

McWatters Mining finished atop the mining issues volume-wise, ending unchanged with nearly 8 million shares traded. There was no immediate news out of the beleaguered junior. Nickel giant Inco was next in line adding 68 to make $44.38 with a little more than half as many shares traded.

On Thursday, Cameco said that the Boroo gold mine in Mongolia began commercial production at the beginning of March. Cameco has a 56% stake in Australian-based AGR, which in turn indirectly owns the mine’s owner-operator, Boroo Gold. Production for 2004 is pegged at 210,000 oz. at a cash cost of around US$170 apiece. Probable reserves at Boroo stand at 1.16 million oz. with an average grade of 3.5 grams gold per tonne, based on a gold price of US$325 per oz. The price tag for the mine is US$75 million. The operation is expected to run until at least 2009. Cameco’s shares rose 80 to $61 even.

Palladium miner North American Palladium grabbed 37 to make $14.04 after it posted fourth-quarter earnings of $16.1 million (or 31 per share) on revenue of $59.8 million, compared with a net loss of $1.5 million (3 per share) on $43.9 million during the corresponding period of 2002. The company’s new primary crusher at its Lac des les mine near Thunder Bay, Ont., was fully operational for a second consecutive quarter.

Shares in Falconbridge grew by 80 to $33.40. Falconbridge has approved a US$368-million underground definition-drilling program for its Nickel Rim South deposit in Sudbury, Ont. The five-year program will begin immediately, with US$75 million to be spent in 2004.

Gulf International Minerals shares continued their recent volatility, rising 1.5, or 4%, to 38. The company says it will not make any post-termination payments to its recently ousted, former president and CEO, Alastair Ralston-Saul.

Print


 

Republish this article

Be the first to comment on "Trading Summary (March 11, 2004)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close