The Toronto Stock Exchange S & P Composite closed up 0.04%, or 3.48 points, to close at 8,347.08. The TSE gold index closed down 0.47%, or 0.97 points lower, to close at 205.13. The diversified metals and mining index closed down 1.27 points, or 0.57% to close at 219.64 points.
Gold closed down 35 in the afternoon in London at US$393.25.
The big news of the day caused Wheaton River and Iamgold to trade a combined 62.2 million shares.
Wheaton River led the way in volume, trading 43.99 million shares, to close at the same price as yesterday, at $3.96.
Late yesterday, Idaho-based Coeur d’Alene Mines (CDE-N) offered $2.5 billion in both stock and cash to buy Wheaton River. Shareholders were set to vote on June 8, whether to okay a merger between Iamgold and Wheaton River in a $2.2 billion all-share bid that would have formed a new gold major.
Iamgold traded second among the mining stock, with a volume of 18.2 million shares. It closed up 29 at $7.67. In strangely coincidental timing, Denver-based Golden Star Resources (GSC-T) has offered an all-share bid worth about $884 million for Iamgold.
Golden Star shares fell 6.63%, or 48, to close at $6.76 on a volume of 4.79 million shares.
Newmont Mining traded 2.6 million shares and closed down 0.8%, or 44, to close at $54.25. No news was reported to account for the volume.
Bema Gold traded 3.15 million shares and closed up 13 at $3.76. Bema Gold will be featured on BTV business television profiles this coming weekend (May 29-30).
Sequoia Minerals closed up 7.14%, or 4, to close at 60 on a volume of 2.7 million shares. Today Cambior and Sequoia signed an amended merger agreement. Sequoia is slated to become a wholly-owned subsidiary of Cambior. The agreement is subject to certain conditions and requires approval by shareholders, as well as by Sequoia’s lenders. The two companies currently operate the Niobec mine in Quebec.
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