Toronto Stock Exchange
The S&P/TSX Composite Index surged to finish 570.02 points higher than where it began at 11,949.49.
Gold gained US$80 per oz. to end at US$1,721.90, which helped bolster the Global Gold Index in a 37.99-point gain to 411.08. The Capped Diversified Metals & Mining Index followed suit, climbing 205.67 points to 1,163.40.
Inmet Mining was the week’s biggest value gainer as its shares jumped $10.52 to $61.13 apiece on 1.5 million shares traded. The company announced its third-quarter financial results ending Sept. 30. It reported a $101-million profit, up from the $68 million seen in the year-ago period. This increase resulted from a $30-million foreign exchange gain, coupled with higher earnings of $116 million from operations and more production from its Las Cruces copper mine in Spain, which produced 11,400 tonnes of cathode copper.
Earlier in the week, Inmet reported that its Cayeli copper mine was not affected by the 7.2-magnitude earthquake that rocked Turkey’s eastern province of Van on Oct. 22. The company dispatched 10 mine rescuers to help local authorities rescue trapped civilians.
Also on higher third-quarter profits, Teck Resources rose $6.70 to $41.50 on 20.5 million shares traded. The diversified miner reported an unaudited net income of $814 million – a 158% increase over last year’s third quarter. It generated a record $3.4 billion in revenue, compared to $2.4 billion during the year-ago period. Teck also announced it would increase its dividend by 33% to 40¢ a share on outstanding Class A and Class B shares. The dividend would be paid this Jan. 3 to shareholders on record as of mid-December.
Lundin Mining was the week’s most actively traded stock, with 41.1 million shares changing hands. The company announced third-quarter results on Oct. 26, which pushed its shares down a penny to close the trading week at $4.09. Profits were down US$53.6 million to US$12.4 million. The base-metal miner says the decrease resulted largely from operating earnings falling US$72.8 million to US$48.7 million during the period, coupled with losses on marketable securities and an unfavourable tax assessment from 2004 to 2006 in Spain.
Eastern Platinum also saw heavy trading as it announced that the National Union of Mineworkers’ strike action ended, and that most of the 756 JIC Mining Services employees returned to work at the Crocodile River mine on Oct. 26. But this had little impact on Eastern Platinum’s shares, which remained flat at 70¢ on 37 million trades.
Starfield Resources was the week’s largest percentage gainer on no news, with shares doubling 2¢. The company is exploring for copper, nickel and platinum group elements in North America.
TSX most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Lundin MngLUN411914.554.004.09-0.01
Eastern PlatinELR370490.720.550.70-0.00
Yamana GoldYRI2895616.0114.6015.40+0.90
Lake Shore GldLSG286631.711.291.60+0.31
Starfield ResSRU245140.030.010.02+0.01
Uranium OneUUU231643.102.313.03+0.76
Teck BTCKB2057942.7935.4141.50+6.70
Kinross GoldK1890414.9813.8914.64+0.81
Barrick GoldABX1752250.7145.4750.50+5.58
Potash Cp SaskPOT1698451.6048.2449.73+0.10
TSX greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Starfield ResSRU245140.030.010.02+100.0
Energy FuelsEFR21930.470.260.42+44.8
Silver Bear RsSBR2770.810.510.79+43.6
Redzone ResREZ650.350.250.35+40.0
Powertech UranPWE5310.140.090.14+40.0
Rockgate CapRGT29891.240.841.16+39.7
First QuantumFM1505022.3716.2622.26+39.2
Black IronBKI4800.820.550.82+38.9
Jaguar MngJAG20015.744.185.67+38.2
Rockex MngRXM570.440.320.41+36.6
Lipari EnergyLIP9331.340.851.00-28.0
Serabi GoldSBI200.220.150.20-25.9
Aeroquest IntlAQL1470.170.100.12-20.0
Horizns G BearHGD37139.397.667.72-18.4
Polaris MinlsPLS12740.400.310.32-17.9
St AugustineSAU11990.490.350.41-16.3
Delrand ResDRN1180.260.260.26-16.1
Emed MiningEMD19680.140.120.12-14.2
Magma MetalsMMW12270.150.120.13-13.3
Victory NickelNI7440.080.070.07-12.5
TSX greatest value change
WEEK
VOLUMECLOSECHANGE
Inmet MiningIMN158076361.13+10.52
Royal GoldRGL3245272.17+7.70
Teck BTCKB2057912741.50+6.70
Teck ATCKA1546842.50+6.50
AgriumAGU488901983.35+6.35
First QuantumFM1505004022.26+6.27
Silver WheatonSLW1172906835.76+5.65
Barrick GoldABX1752249650.50+5.58
Newmont MngNMC3979568.52+5.52
Walter EnergyWLT3142380.83+5.18
Horizns G BearHGD37125247.72-1.75
Agnico-EagleAEM645404643.47-0.83
Central Gold-TGTU_U2610566.18-0.63
Lipari EnergyLIP9334181.00-0.39
Troy ResTRY761164.30-0.25
Chieftain MtlsCFB891003.45-0.25
Timmins GoldTMM49612912.40-0.23
Centerra GoldCG252013319.53-0.20
CIC EnergyELC6980772.17-0.18
Century Iron MFER408002.05-0.14
TSX Venture Exchange
Expectations of a long-awaited deal on the European Union’s debt helped push the S&P/TSX Venture Composite Index up 96.98 points to 1,629.89 points after five straight days of gains. Volume was also up, averaging 99.4 million shares traded daily.
Clear standout CB Gold topped the volume, value and percentage gain indicators in the period following exceptional drill results and a big cash injection. The Colombia-focused company climbed $1.14, or 168%, to $1.82 on 20.7 million shares traded to easily reach an all-time trading high after reporting an intercept of 115 metres grading 7.57 grams gold per tonne from 31 metres depth in a new mineralized zone at its Vetas gold project. Following the drill hits, Ross Beaty made an $11-million investment in the company at $1.10 a share.
Atacama Minerals saw a big boost after a thorough restructuring, with a new management team and property package. The company climbed 38¢, or 70%, to 93¢ after announcing that the people who led Red Back Mining to a $7.1-billion takeover would be taking the helm at Atacama, including Richard Clark as CEO, Simon Jackson as president, Alessandro Bitelli as chief financial officer, Kevin Ross as chief operating officer and Hugh Stuart as vice-president of exploration. Along with the change in personnel, Atacama will be buying Sirocco Gold, a private company created by Red Back’s former executives to explore gold prospects and acquisition targets in West Africa.
Gold Canyon Resources climbed steadily up 66¢ to $2.95 after releasing more drill hits from its Springpole project northeast of Red Lake, Ont. The company hit 106 metres grading 3.36 grams gold from 130 metres downhole in an infill hole testing the Portage zone at the property.
St. Eugene Mining saw 15 million shares traded after Claude Resources agreed to acquire all of the St. Eugene shares it did not already own in a deal valued at $19 million. St. Eugene shareholders are to get 0.0789 of a Claude share, valuing the junior at 14.5¢, while Claude will increase its stake in the Amisk gold project with a 921,000 indicated oz. gold-equivalent resource grading 0.95 gram gold equivalent, from 65% to 100%. St. Eugene’s stake in the Tartan Lake gold project will be transferred to a new subsidiary.
Maudore Minerals has continued a strong recovery, climbing $1.02 in the period to $5.02 after dipping to as low as $3.30 in early October. The company will b
e incorporating 140,000 metres of drilling from its Comtois project into an updated resource soon, while continuing stepout drilling and metallurgical testwork. The previous resource estimate on Comtois outlined 8.1 million inferred tonnes grading 4.6 grams gold for 1.2 million contained oz. gold. In the period Rex Harbour increased its share ownership of Maudore by 1.77% to give it 11.55% of issued and outstanding common shares.
TSX-V most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
CB GoldCBJ206971.830.701.82+1.14
St Eugene MngSEM150750.160.120.16+0.05
Axmin IncAXM128470.050.040.050.00
Canaco ResCAN119511.791.531.75+0.07
IBC Adv AlloysIB111850.170.150.16-0.01
Silver Quest RSQI77321.271.171.26+0.09
Tournigan EngyTVC72200.090.080.090.00
PMI GoldPMV70481.241.021.18+0.13
Trade Winds VtTWD68300.470.410.46+0.03
New Guinea GldNGG67200.050.040.05+0.01
TSX-V greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
CB GoldCBJ206971.830.701.82+167.6
Metropolitn MgMNZ150.100.100.10+150.0
Emgold MngEMR18100.190.100.19+111.1
Sennen ResSN970.290.150.28+86.6
Atacama MinAAM35021.020.720.93+69.0
Brixton MtlsBBB17390.140.090.10+66.6
Hudson River MHRM12970.100.050.10+66.6
Thor ExplTHX2140.130.090.13+62.5
RT MineralsRTM350.130.080.13+62.5
Dundarave ResDDX1370.480.300.48+60.0
Currie Rose RsCUI20730.100.060.07-36.3
G4G ResGXG530.070.050.07-36.3
Indigo ExplIXI12310.300.170.19-34.4
Challenger DevCDQ680.090.080.08-33.3
Andean Am GoldAAG34060.380.220.25-32.4
Belvedere ResBEL1060.170.130.13-31.5
BCM ResB550.270.180.19-29.6
Rockland MnlsRL3540.170.120.12-29.4
CancanaCNY300.680.510.52-28.7
Galena CapitalFYI4240.080.050.05-28.5
TSX-V greatest value change
WEEK
VOLUMECLOSECHANGE
CB GoldCBJ206973681.82+1.14
Atac ResATC9981374.37+0.96
Maudore MinlsMAO2868744.88+0.88
Tasman MetalsTSM6296503.31+0.79
Quest Rare MnlQRM9350813.53+0.75
Gold CanyonGCU14598172.95+0.66
Lumina CopperLCC5922818.40+0.65
Newstrike CapNES8784193.04+0.47
Prophecy PlatNKL14769733.50+0.43
Atacama MinAAM35017840.93+0.38
Anfield NickelANF3151015.15-0.55
Abitibi RoyaltRZZ257802.15-0.50
CancanaCNY299200.52-0.21
Atacama Pac GdATM18588723.70-0.20
Mansfld MnrlsMDR9671921.31-0.17
First PointFPX17240870.50-0.17
Regulus ResREG5012340.78-0.16
Reunion GoldRGD5232820.99-0.16
Avala ResAVZ533001.05-0.15
Mirasol ResMRZ3474633.37-0.13
U.S. markets
News that European leaders reached an agreement to increase the region’s bailout fund convinced banks and insurers to take a 50% haircut on their Greek bonds and buoyed U.S. equity markets. Investors were also soothed with data that the U.S. economy grew at its fastest pace in a year, expanding 2.5% in the third quarter. The Dow Jones Industrial Average gained 3.58%, or 422.32 points, to close the trading week at 12,131.11 while the S&P 500 Index scored its fourth gain in as many weeks, climbing 3.78%, or 46.84 points, to 1,285.09. The Philadelphia Gold and Silver Index advanced 12.5%, or 23.11 points, to 207.98.
Cliffs Natural Resources surged US$12.78 to US$72.81 on news that its third quarter was the most profitable quarter in the company’s history. Revenues increased 59% over the same quarter last year and reached US$2.1 billion, while net income attributable to shareholders nearly doubled
to a quarterly record of US$590 million, or US$4.07 per diluted share. Operating income was US$820 million, up 110% from the year-ago quarter. The good results were driven by higher pricing and sales volumes in the company’s iron ore segments, along with incremental sales from Cliffs’ recently acquired Bloom Lake operations in Eastern Canada.
The official opening of Randgold Resources‘ new Tongon gold mine in northern Côte d’Ivoire by President Alassane Ouatarra sent the company’s shares up US$12.10 to close the week at US$112.14. The mine poured its first gold bar a year ago on time and on budget despite unrest following the disputed outcome of the country’s presidential election. The mine profited during its first quarter and has since produced more than 250,000 oz. gold. Tongon is Côte d’Ivoire’s largest hard-rock gold mine.
Teck Resources gained US$7.22 to US$41.81 on good third-quarter results and a 33% dividend hike. Teck also reported third-quarter profit attributable to shareholders of $814 million, or $1.38 per share, in a 158% increase from 2010’s third quarter. New records were set for revenue, gross profit and cash flow, and the company reported that its cash balance had grown to $4.5 billion.
U.S. most active issues
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Alcoa*AA19213911.6610.0911.57+1.34
Freeport McMo*FCX14159543.5038.0042.80+6.22
Alpha Nat Res*ANR5219027.7021.8526.56+4.83
Potash C Sask*POT4926251.9647.7249.97+0.71
Barrick Gold*ABX4843150.9945.1950.85+6.26
Hecla Mining*HL469376.645.526.53+1.00
Arch Coal*ACI4378120.3716.2520.22+3.64
Peabody Enrgy*BTU4228347.8136.5746.84+7.95
Newmont Mng*NEM4119268.7462.5668.49+5.86
Silver Wheatn*SLW3773736.4429.9635.97+6.17
U.S. greatest percentage change
VOLUMEWEEK
(000s)HIGHLOWCLOSECHANGE
Silver Dragon*SDRG52540.070.050.06+50.0
Mines Managem*MGN10672.491.742.47+41.9
Lake Vict Mng*LVCA1870.160.090.14+40.0
Gold Reserve*GRZ2122.802.172.75+36.1
Stillwater Mg*SWC2325812.889.0012.45+35.4
SinoCoking Cl*SCOK6413.802.723.71+34.9
Patriot Coal*PCX601313.4310.0513.36+34.1
Douglas Lk Ml*DLKM6140.200.160.20+33.3
Linux Gold*LNXGF680.040.020.04+33.3
General Moly*GMO34673.903.053.84+29.7
Starfield Res*SRFDF3680.020.010.01-50.0
Grandview Gld*GVGDF350.040.030.03-25.0
Infrastrc Mat*IFAM1450.080.080.08-20.0
Apolo Gold*APLL150.110.090.09-10.0
Anooraq Res*ANO1850.570.520.53-8.6
US Antimony*UAMY3713.002.802.80-5.0
Legend Intl H*LGDI4710.340.290.33-2.9
Dejour Enterp*DEJ850.370.350.36-2.7
Minco Gold*MGH4941.261.121.13-2.5
Miranda Gold*MRDDF610.430.400.42-2.3
U.S. greatest value change
WEEK
VOLUMECLOSECHANGE
Cliffs Nat Rs*CLF2987839072.81+12.78
Randgold Res*GOLD3886987112.14+12.10
Royal Gold*RGLD423201372.55+8.63
BHP Billi-BHP*BHP2493802483.15+8.08
Peabody Enrgy*BTU4228261746.84+7.95
Agrium*AGU216163383.92+7.47
Teck B*TCK2548058341.81+7.22
BHP Billi-BBL*BBL878585267.46+6.90
Barrick Gold*ABX4843094850.85+6.26
Walter Energy*WLT165165981.25+6.25
US Antimony*UAMY3708752.80-0.15
Agnico-Eagle*AEM1651813043.73-0.11
Anooraq Res*ANO1850290.53-0.05
Minco Gold*MGH4941481.13-0.03
Solitario Res*XPL1550301.69-0.02
Infrastrc Mat*IFAM1450000.08-0.02
Legend Intl H*LGDI4713630.33-0.01
Grandview Gld*GVGDF350000.03-0.01
El Capitan Pr*ECPN14351450.47-0.01
Dejour Enterp*DEJ847800.36-0.01
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