Toronto’s mining indices were among just a few to end Monday’s trading session in the red. The golds dropped 4.71 points, or more than 2%, to 225.96 as the yellow metal ended US$6.30 per oz. cheaper at US$415.10 per oz. in New York. The base metal miners dropped 1.99 points to 229.52. Overall, the S&P-TSX Composite Index managed to climb 59.74 points higher to 8,858.49.
Recently planned nuptials kept Wheaton River Minerals and
On Monday, Dynatec increased production estimates at the Ambatovy nickel-laterrite project to 60,000 tonnes of nickel and 5,000 tonnes of cobalt per year after metallurgical testing indicated better-than-expected recovery rates. Unit costs at the proposed 20-year operation are expected to drop while the rate of return is projected to rise; capital costs will likely be little changed. Annual production form Ambatovy was previously pegged at 50,000 tonnes of nickel and 4,000 tonnes of cobalt. A detailed study is expected by about June. The shares jumped 15, or almost 10%, to $1.70.
Rio Narcea Gold Mines rose 4 to $3.25. The company posted fourth-quarter earnings of $2.7 million (or 3 per share) after the market closed on Monday, virtually unchanged from the corresponding period of 2002. Revenue between the two periods slipped marginally to $15.6 million, while cash flow increased nearly 40% to $6.8 million.
Shares in Rex Diamond Mining rebounded to the tune of 12 to make 69. The shares went into free-fall on Friday after Rex said that the government of Sierra Leone had cancelled its mining leases in that country. Rival DiamondWorks rose another 22, or 7.3%, to $3.22 after picking up one of those licences.
Plus-10% gains were put in by Manhattan Minerals, up 4 to 30, Sulliden Exploration, 22 higher at $2.27, and Canarc Resource,plus 8 at 87. Heading south were Guyanor Resources, off 19% at 30, Opawica Explorations, down around 15% to 11.5, Zaruma Resources, off 12.5% at 28, Thundermin Resources, 11.1% lower at 12, Globex Mining, 10.5% lower at 85, Atna Resources, off 10.3% to 39, and Gulf International Minerals, which fell 10% to 36.
Be the first to comment on "Trading Summary (April 05, 2004)"