Toronto Stock Exchange
The TSX composite index dropped 27.23 points or 0.20% to finish the April 25-29 trading week at 13,944.79, while the Capped Metals & Mining index rose 8.11 points or 0.55% to 1,485.47 and the Global Gold index fell 6.77 points or 1.64% to finish at 405.85. Twenty-three companies on the Toronto Stock Exchange reached new 52-week highs, while eight sank to new 52-week lows.
The three most active stocks of the week – Equinox Minerals, Lundin Mining and Barrick Gold – were all heavily traded due to takeover bids. Equinox advanced 60¢ to $8.10 per share following Barrick’s announcement of an all-cash takeover bid for the copper producer of $8.15 per share. Barrick’s shares fell sharply on the announcement, losing $4.75 to close at $48.32 per share.
Lundin, meanwhile, rose 15.7% or $1.26 to close the week at $9.26 after the Globe and Mail reported that a Chinese-led group plans to bid for the company. The daily newspaper claimed on April 29 that a consortium headed by China’s Jinchuan Group, which includes the country’s sovereign wealth fund, China Investment Corp., was planning a takeover bid. In response to speculation in the media, Lundin would only say in a press release that it is “undertaking a strategic process to explore options to create shareholder value.”
First Quantum Minerals topped the list of value gains on no news, rising $4.86 to $134.83 per share. Central Gold Trust, which holds pure refined gold bullion, was up $1.47 to $56.57 per share. On April 29 the company reported that net assets in the first quarter increased by US$16.8 million or 1.9% to a total of US$839.9 million during the three months ended March 31.
Shares of Agnico-Eagle Mines advanced 93¢ to $65.92. The gold producer announced that net income reached US$45.3 million, or 27¢ per share, in the first quarter, up from US$22.3 million in the first quarter of 2010. Net income in the three months ended March 31 included a non-cash foreign currency translation loss of US$14.1 million, or 8¢ per share, stock option expenses of US$18.5 million, or 11¢ per share, and expenses of US$3.1 million, or its 2¢ per share, related to the March 10 fire at its Meadowbank gold mine in Nunavut. (It also included a gain on the sale of investments of US$4.4 million.)
Shares of Inmet Mining – still struggling after the recent termination of an agreement to merge with Lundin Mining – fell $3.38 to $66.40 per share. Merger-related costs reached $6 million, the company noted in a press release. Earnings in the first quarter reached $2.33 per share, reflecting earnings from discontinued operations of $1.36 per share after the sale in January of its interest in the Ok Tedi copper mine and 97¢ per share from continuing operations compared to 96¢ per share in the first quarter of 2010.
TSX most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Equinox MinlsEQN1448178.428.078.10+0.60
Lundin MngLUN701339.317.909.26+1.26
Barrick GoldABX3256752.0547.3348.32-4.75
Kinross GoldK2250915.2014.3815.00+0.37
Eastern PlatinELR204911.191.081.15-0.02
GoldcorpG1709753.3451.3052.89-0.18
Silver WheatonSLW1482741.3137.1138.50-1.95
Yamana GoldYRI1360512.3211.5112.06-0.12
Osisko MngOSK1336614.0413.4213.85-0.04
Cons Thomp IrnCLM1301217.1817.0417.12-0.05
TSX greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
St. AugustineSAU5571.040.831.00+23.4
Golden PredatrGPD55351.381.041.32+22.2
Lundin MngLUN701339.317.909.26+15.7
Silvermex ResSLX62900.870.700.87+14.4
Acadian MngADA10620.410.320.40+14.2
Homeland EnrgyHEG31940.080.060.08+14.2
Tanz Roy ExpTNX4116.875.886.87+14.1
Europn GoldfldEGU294413.5011.3113.16+13.6
Pac NW CapPFN24170.400.310.34+13.3
NGEx ResNGQ19973.342.953.31+11.4
BRC DiamondCrBCD1550.100.080.09-25.0
Laramide ResLAM10901.481.151.17-20.4
Peregrine MtlsPGM12681.451.131.18-20.2
Ram PowerRPG42020.970.700.70-18.6
Excellon ResEXN20150.930.750.75-16.6
Crosshair E&MgCXX9300.960.760.80-16.6
Canadn ZincCZN18781.050.750.88-16.1
Rockgate CapRGT53981.761.381.47-16.0
Extract ResEXT388.806.987.16-15.7
Polar Star MngPSR2890.860.700.72-15.2
TSX greatest value change
WEEK
VOLUMECLOSECHANGE
First QuantumFM2252185134.83+4.86
Allied NevadaANV132360940.87+2.54
Europn GoldfldEGU294370413.16+1.58
Central Gold-TGTU_U2767156.57+1.47
Lundin MngLUN701330609.26+1.26
Agnico-EagleAEM458373765.92+0.93
Tanz Roy ExpTNX4112176.87+0.85
Imperial MetalIII12689121.94+0.85
Richmont MinesRIC8524009.21+0.66
Equinox MinlsEQN1448166518.10+0.60
Barrick GoldABX3256729148.32-4.75
Inmet MiningIMN150971766.40-3.38
Teck ATCKA1134852.12-2.87
Golden MnlsAUM5132219.00-2.67
First MajesticFR720107819.84-2.41
Teck BTCKB1175221751.43-2.40
Silver WheatonSLW1482742738.50-1.95
Potash Cp SaskPOT959295853.45-1.90
Pan Am SilverPAA187530034.13-1.57
Labdr I-Ore RoLIF_U30558274.40-1.45
TSX Venture Exchange
The S&P-TSX Venture composite index ended down 29.5 points at 2,252.14 in the April 25-29 period. Volume was down, averaging 149 million shares traded daily. The bears continued to pull past the bulls, with 90 companies hitting 52-week lows while only 40 reached new highs.
Western Potash had a surge in activity after releasing an updated resource for its Milestone potash project in Saskatchewan. The company climbed 12¢ to $1.30 on 9 million shares traded. The resource now stands at 637 million measured tonnes grading 30.47% potassium chloride (KCl), 1.86 billion indicated tonnes of 30.35% KCl, and an inferred resource of 8.91 billion tonnes of 30.31% KCl, for increases of 55%, 34% and 25% respectively.
Colombia-focused Galway Resources surged to a 52-week trading high of $1.52 before ending up 13¢ at $1.32 on 7.9 million shares traded. The company reported drill results from its California property that included 36 metres of 8.9 grams gold per tonne in a wider interval of 125 metres carrying 3.8 grams gold and 11.9 grams silver per tonne starting at 14 metres depth, with only the first 140 metres have been assayed.
Fox Resources was the week’s biggest percentage gainer, up 34¢ or 94.4% to 70¢ on 140,000 shares traded. The company announced it had closed a $936,000 non-brokered private placement at 30¢ apiece. The financing issued 3.1 million units, with each unit containing a share and a half warrant with full warrants exercisable at 45¢. The company’s issuing of the shares nearly doubled its total shares outstanding, now at 6.3 million shares. The exploration-stage company currently has no exploration properties, but is on the look-out for some. It is unrelated to the Australia-based Fox Resources.
Rare-element stocks continue to lead the value-gainers on the Venture board. Quest Rare Minerals saw the biggest value gain of 71¢ to end at $8.15, Tasman Metals was close behind with a gain of 68¢ to end at $5.55, and Rare Element Resources climbed 48¢ to $13.62. However, none of the companies released news nor ended the period at recent highs. All three companies continue to trade near their all-time highs though, exempting Rare Element’s brief spike to almost $18 in
early January.
Soltoro shot up 28¢ to $1.22 a week after hitting strong silver intercepts at its El Rayo project in Jalisco, Mexico. In the period, the company announced it had finalized the option of its Victoria and Coyote silver-gold projects to recently-listed Argentum Silver. The two-year deal is worth $255,000 in cash, 5 million shares and $1.1 million in exploration spending.
On April 20, Soltoro reported drill results including 7 metres of 1,010 grams silver and 6.9 metres averaging 527 grams silver, both uncut.
TSX-V most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Great WesternGWG92190.860.750.80-0.01
Western PotashWPX90431.411.131.30+0.12
UC ResUC88550.090.060.09+0.01
Aurcana CorpAUN81500.880.720.88+0.12
Indicator MinlIME81080.260.170.25+0.04
Galway ResGWY78561.521.211.32+0.13
Mountain CaptlMCI74320.140.090.12+0.01
Habanero ResHAO73090.120.090.11+0.01
Orbite Expl AORTA71184.804.284.47+0.08
La Quinta ResLAQ65630.090.070.09+0.01
TSX-V greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Fox ResFAX1400.700.370.70+89.1
Ansell CapitalACP41330.650.350.61+52.5
Candorado OperCDO28890.040.030.04+33.3
Q-Gold ResQGR22370.140.090.12+33.3
Alturas MinlsALT3720.160.100.16+33.3
Hinterland MtlHMI59650.240.170.24+33.3
Central ResCBC2810.230.160.21+31.2
SoltoroSOL52241.290.841.22+29.7
Intl NorthairINM31050.790.620.79+29.5
Taku GoldTAK22750.470.350.44+29.4
Groundstar ResGSA19800.350.230.24-42.8
Gray Rock ResGRK1000.080.060.06-40.0
Tribute ResTRB300.160.110.11-31.2
Pac Coast NiklNKL1670.130.080.09-30.7
Mazorro ResMZO2710.220.170.18-28.0
Inter-Rock MnlIRO300.100.080.08-27.2
Amazon MngAMZ6909.306.766.76-26.8
RockBridge ResRBE6400.120.090.09-25.0
Parallel ResPAL1400.140.120.12-25.0
Maxim ResMXM300.180.150.15-25.0
TSX-V greatest value change
WEEK
VOLUMECLOSECHANGE
Quest Rare MnlQRM24700598.15+0.71
Tasman MetalsTSM12604765.55+0.68
Rainy River RsRR7464169.90+0.50
Rare Elemnt RsRES90706813.62+0.49
Titanium CorpTIC14985592.85+0.48
Elgin MngELG13626441.90+0.38
Cayden ResCYD7728254.00+0.37
Newstrike CapNES57082772.63+0.34
Rockhaven ResRK38581321.57+0.34
Fox ResFAX1400000.70+0.33
Amazon MngAMZ6902856.76-2.48
Bear Creek MngBCM23344408.29-0.91
Batero GoldBAT10253804.18-0.41
Orko SilverOK42735942.73-0.40
Alderon ResADV15950982.92-0.34
Callinan MnsCAA4096902.98-0.34
Canaco ResCAN21402944.49-0.27
Gold CanyonGCU36983883.45-0.27
Trelawney M&ExTRR9824414.54-0.26
Renaissnc GoldREN472342.20-0.19
U.S. markets
The Dow Jones industrial average rose 304.55 points or 2.44% to close at 12,810.54, while the S&P 500 index advanced 26.23 points or 1.96% to finish at 1,363.61. The Philadelphia Gold and Silver index fell 3.57 points or 1.58% to 222.22, while the price of gold in New York closed at US$1,565.70 per oz. on April 29, up from its close of US$1,507.40 per oz. on April 25.
Alliance Resource Partners, a diversified coal producer in the eastern United States, posted the largest gain, advancing US$5.88 to US$82.36 per share. The company reported record results for the quarter ended March 31 due to strong sales and even better pricing. Revenues reached a record US$423.3 million, a year-on-year increase of 11.2%. Earnings before interest, tax, and depreciation also reached a new record, up 19.5% to US$142.2 million, while net income jumped 27.2% to US$95.4 million. The board agreed to increase the cash distribution by 3.5% to 89¢ per unit.
The discovery of a high-grade zone at its Hasbrouck project in Nevada sent shares of Allied Nevada Gold up US$2.94 to US$43.06 per share. The discovery hole returned an intercept of 160 metres grading 4.5 grams gold and 83.3 grams silver. Follow-up holes included intervals of 109 metres at 4.8 grams gold and 87.2 grams silver and 93 metres at 4.7 grams gold and 83.3 grams silver.
Diversified fuel producer Consol Energy was up US$2.83 to US$54.09 following news that its coal division pulled in record coal revenue of US$1.13 billion in the first quarter. Overall the company reported net income of US$192 million, or US84¢ per diluted share, in the quarter ended March 31, compared with US$100 million, or US54¢ per diluted share in the year-ago quarter. Consol Energy also approved a regular quarterly dividend of US10¢ per share, and is planning to expand capacity at its Baltimore Terminal.
Barrick Gold fell US$4.62 to US$51.01 per share after it announced an all-cash, $8.15-per-share bid for Equinox Minerals. If the deal goes ahead, Barrick will wind up getting roughly 80% of its revenue from gold and the rest from copper production.
U.S. most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Silver Wheatn*SLW9585543.3838.8840.62-1.74
Alcoa*AA9013417.2416.6617.00+0.03
Barrick Gold*ABX8696154.6949.5651.01-4.62
Freeport McMo*FCX8413956.4954.1355.02+0.18
Hecla Mining*HL548379.658.909.41-0.05
Potash C Sask*POT4102459.4555.0356.38-1.58
Intl Coal Gp*ICO3575911.1210.1911.03+0.16
Goldcorp*GG3467556.2053.6655.83+0.16
Kinross Gold*KGC3262816.0315.0215.84+0.49
Newmont Mng*NEM3230659.6156.9558.61-0.62
U.S. greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
El Capitan Pr*ECPN11961.150.851.05+25.0
Habanero Res*HBNRF1960.130.100.13+18.1
Starfield Res*SRFDF990.080.060.08+14.2
Tanz Roy Exp*TRE33137.266.167.26+14.1
Samex Mng*SMXMF11311.501.171.45+14.1
Li3 Energy*LIEG56130.550.330.41+13.8
US Antimony*UAMY6881.901.531.80+12.5
Westmoreland*WLB25518.8517.0018.73+9.8
Lake Vict Mng*LVCA2360.350.260.34+9.6
Almaden Mnls*AAU65415.354.264.93+9.3
Infrastrc Mat*IFAM1100.130.120.12-45.4
Elray Res*ELRA13530.040.020.02-33.3
Linux Gold*LNXGF1490.050.040.04-20.0
Fischer-W Gld*FWGO3520.040.040.04-20.0
Crosshair E&M*CXZ4581.020.790.85-14.1
Solitario Res*XPL6613.192.532.69-10.6
Uranium Ener*UEC27504.003.453.48-9.6
Geovic Mng*GVCM2000.620.560.58-9.3
Tombstone Exp*TMBXF5940.110.090.10-9.0
Cornerstone C*CTNXF670.490.400.43-8.5
U.S. greatest value change
WEEK
VOLUMECLOSECHANGE
Alliance Rs P*ARLP64796082.36+5.88
Allied Nevada*ANV86763843.06+2.94
Consol Energy*CNX1350988554.09+2.83
OM Group*OMG118680136.24+2.70
Soc Quim&M Ch*SQM175499661.03+2.10
Compass Mnls*CMP39777397.61+2.10
Westmoreland*WLB25532018.73+1.68
Agnico-Eagle*AEM1189551369.58+1.55
Buenaventura*BVN810255541.67+1.52
Massey Energy*MEE834213468.24+1.43
Barrick Gold*ABX8696105451.01-4.62
Cliffs Nat Rs*CLF1689271393.72-3.36
Teck B*TCK1315834954.25-2.18
Mosaic*MOS1926155774.86-1.91
Silver Wheatn*SLW9585509840.62-1.74
Potash C Sask*POT4102438756.38-1.58
Cabot Corp*CBT284450344.85-1.46
Pan Am Silver*PAAS1199086236.12-1.30
Mag Silver*MVG34324512.06-1.07
BHP Billi-BHP*BHP13692646101.24-0.99
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