Markets were closed in the U.S. on Jan. 18 for Martin Luther King Jr. Day, giving investors a day off from a ho-hum week in equities trading. The major stock indices barely moved during the abbreviated Jan. 12-15 trading period, with The Dow Jones Industrial Average slipping 17.61 points or 0.17% to close at 10,609.65 points and the S&P 500 index losing 0.19 point or 0.02% to finish at 1,136.03.
Barrick Gold captured the headlines with news that it was filing a lawsuit in the Ontario Superior Court of Justice against Goldcorp and New Gold to prevent a deal the two companies have signed with Xstrata to buy the El Morro project in northern Chile. That plan derails Barrick’s earlier offer in October to buy Xstrata’s 70% stake in the project for US$465 million. New Gold holds the remaining 30% of the project and intends to exercise its first right of refusal with Goldcorp’s financial help. Under New Gold’s scheme, Goldcorp will lend it US$463 million so that it can buy Xstrata’s stake in the project. In its lawsuit Barrick alleges that New Gold has not exercised its right of refusal lawfully, rendering the deal void. Barrick shares dropped US$1.94 per share to US$39.70, while Goldcorp’s shares also moved into negative territory, falling US$2.78 per share to close at US$39.65.
Positive drill results for Fronteer Development Group pushed its stock 55¢ higher to US$5.24 per share following news that a new step-out hole at its Long Canyon deposit in northeastern Nevada intersected 4.23 grams gold per tonne over 48.8 metres, including 10.07 grams gold over 15.20 metres. The hole, LC411, is about 400 metres from the northeastern edge of the existing resource and represents the most northerly test of mineralization at the deposit so far.
Finally, Thompson Creek Metals, one of the world’s largest publicly traded, pure molybdenum producers, jumped 53¢ to US$14.61 per share. In early December it forecast 2010 capital expenditures will reach US$298 million, of which US$209 million will be dedicated to cover its 75% share of spending required to expand the Endako open-pit mine, mill, and roasting facility in northern British Columbia.
| U.S. most active issues | ||||
| VOLUME | WEEK | |||
| (000s) HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 79814 16.25 | 15.41 | 15.63 | -1.82 |
| Freeport McMo*FCX | 51363 86.70 | 83.06 | 84.30 | -3.64 |
| Hecla Mining* HL | 46448 6.53 | 6.06 | 6.16 | -0.47 |
| Barrick Gold* ABX | 40794 41.52 | 39.36 | 39.70 | -1.94 |
| Potash C Sask* POT | 38809 119.75 | 114.44 | 115.39 | -7.49 |
| Goldcorp* GG | 35382 42.57 | 39.50 | 39.65 | -2.78 |
| Newmont Mng* NEM | 28017 49.82 | 47.14 | 47.61 | -2.57 |
| Silver Wheatn* SLW | 27211 17.48 | 16.50 | 17.15 | -0.30 |
| Mosaic* MOS | 26863 64.36 | 60.62 | 61.56 | -4.75 |
| Kinross Gold* KGC | 23145 20.60 | 19.16 | 19.31 | -1.30 |
| U.S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| El Capitan Pr* | ECPN | 991 | 0.16 | 0.09 | 0.15 | + 66.6 |
| Golden Phoen* | GPXM | 1763 | 0.06 | 0.05 | 0.05 | + 25.0 |
| Radius Gold* | RDUFF | 250 | 0.37 | 0.30 | 0.36 | + 20.0 |
| World Vent* | WVNTF | 11 | 0.06 | 0.03 | 0.06 | + 20.0 |
| Taseko Mines* | TGB | 16149 | 5.13 | 4.13 | 5.01 | + 15.4 |
| America West* | AWSR | 93 | 0.16 | 0.15 | 0.16 | + 14.2 |
| Cornerstone C* | CTNXF | 33 | 0.18 | 0.16 | 0.17 | + 13.3 |
| Fronteer Dev* | FRG | 2606 | 5.25 | 4.40 | 5.24 | + 11.7 |
| Anooraq Res* | ANO | 3799 | 1.44 | 1.20 | 1.44 | + 11.6 |
| Mechel* | MTL | 4387 | 25.59 | 21.20 | 24.80 | + 10.7 |
| Santa Fe Gold* | SFEG | 2194 | 1.69 | 1.17 | 1.23 | -25.9 |
| Petaquilla Mn* | PTQMF | 2009 | 0.95 | 0.75 | 0.76 | -19.1 |
| Pediment Gold* | PEZGF | 762 | 1.75 | 1.49 | 1.51 | -17.0 |
| Elray Res* | ELRA | 173 | 0.20 | 0.15 | 0.15 | -16.6 |
| Miranda Gold* | MRDDF | 140 | 0.75 | 0.66 | 0.66 | -16.4 |
| Alumina Inc* | AWC | 2278 | 7.18 | 6.70 | 6.73 | -11.6 |
| PlatinumGpM* | PLG | 465 | 2.62 | 2.20 | 2.28 | -11.2 |
| US Antimony* | UAMY | 67 | 0.50 | 0.38 | 0.40 | -11.1 |
| Augusta Res* | AZC | 193 | 2.76 | 2.34 | 2.50 | -10.7 |
| New Jersey Mg* | NJMC | 75 | 0.27 | 0.23 | 0.25 | -10.7 |
| U.S. greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Mechel* | MTL | 4387300 | 24.80 | + 2.41 |
| Taseko Mines* | TGB | 16148827 | 5.01 | + 0.67 |
| Fronteer Dev* | FRG | 2606409 | 5.24 | + 0.55 |
| Thompson Crk* | TC | 2696900 | 14.61 | + 0.53 |
| Minefinders* | MFN | 1698661 | 11.74 | + 0.39 |
| Mesabi Trust* | MSB | 279585 | 14.35 | + 0.22 |
| Paramount Gld* | PZG | 5073943 | 1.92 | + 0.16 |
| Anooraq Res* | ANO | 3799002 | 1.44 | + 0.15 |
| Nevsun Res* | NSU | 2336649 | 2.39 | + 0.11 |
| Legend Intl H* | LGDI | 2825221 | 1.45 | + 0.10 |
| Potash C Sask* | POT | 38808769 | 115.39 | -7.49 |
| Agrium* | AGU | 2753500 | 62.33 | -7.05 |
| Mosaic* | MOS | 26863006 | 61.56 | -4.75 |
| Freeport McMo* | FCX | 51362690 | 84.30 | -3.64 |
| Randgold Res* | GOLD | 3165014 | 81.41 | -3.56 |
| AngloGold Ash* | AU | 6731032 | 40.81 | -3.35 |
| Cliffs Nat Rs* | CLF | 14971150 | 49.75 | -3.13 |
| Intrepid Pots* | IPI | 1275100 | 30.00 | -3.09 |
| Southern Copp* | PCU | 14407095 | 33.23 | -3.07 |
| AlumCpChina* | ACH | 925500 | 31.04 | -2.95 |
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