Energy and metals stocks lifted the S&P-TSX Composite Index 286.77 points to 12,136.93 over the Aug. 15-21 session. Gold rose as high as US$630 per oz. during the period, ahead of Iran’s declaration that it would pursue its uranium enrichment program in spite of a United Nations appeal. A rise in crude and a fall in the U.S. dollar combined to lift the yellow metal; overall, gold was up just 40 for the period, to $625 per oz. , but the capped gold index outpaced its pricing, climbing 5.2% to 314.77.
The diversified miners also gained, moving up 9.51 points to 578.81. Nickel made the strongest gains of the base metals, climbing roughly 13% to US$14.99 per lb. While zinc and lead were up for the week, copper was off 2.
EuroZinc Mining was perched in its familiar spot atop the most-active list — only this time, its position was backed up by big news. Looking to become a global producer of copper and zinc, EuroZinc bought Lundin Mining. Each EuroZinc share will be exchanged for 0.0952 of a Lundin share. The new company will be called Lundin Mining Corp., and will have a capitalization of $3.3 billion. Shares in EuroZinc were up 21 for the period to $3.37.
Yamana Gold entered the leader’s fray, coming in fourth in volume traded. The Toronto-based company announced a planned friendly takeover of Viceroy Exploration. If successful, it would be Yamana’s third acquisition of the year, and would add Viceroy’s advanced exploration project, Gualcamayo, in Argentina, to a portfolio that is currently heavy on Brazil.
Investors responded positively to news from Wyoming-based High Plains Uranium. While it isn’t exactly clear whether a merger with Energy Metals will be a takeover, plan of arrangement or an amalgamation, High Plains says Energy Metals has agreed to buy between $6 and $8 million worth of High Plains’ debentures. There is also a joint-venture agreement between the companies on High Plains’ interests in the Gas Hills and North Platte Complex properties in Wyoming. High Plains was up roughly 27% to $1.03 for the period.
Shore Gold was the second-largest gainer, up 27% to $5.92. On Aug. 22, the company announced that legal proceedings between it and De Beers were over, with a decision in favour of Shore and Cameco. The key issue was an agreement between Shore Gold, which owns 42.245% of the joint venture, and Cameco, which controls 15.51%, to vote together on operational issues at the Fort la Corne diamond project.
Grande Cache Coal continued on its downward slide. After reaching $1.60 on Aug. 2 — shortly after releasing its second-quarter results — the Alberta-based company has fallen roughly 47%. It closed at $1.09.
The week’s largest loser by percentage, Ivernia, also fell. The lead producer lost nearly 15% over the period, closing at $1.14. The company recently said that it would not meet its production guidance of 100,000 tonnes of lead for the year, instead, coming closer to 60,000 tonnes.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Rio Narcea wt | RNG.WT | 594 | 0.40 | 0.285 | 0.40 | +42.8 |
| High Plains Ur | HPU | 7240 | 1.08 | 0.92 | 1.03 | +27.1 |
| Shore Gold | SGF | 3567 | 6.00 | 4.87 | 5.92 | +27.0 |
| Globex Mng | GMX | 231 | 4.00 | 3.31 | 3.94 | +25.0 |
| Exall Res | EXL | 2056 | 2.34 | 1.78 | 2.31 | +24.8 |
| Revett Mnls | RVM | 1895 | 1.35 | 1.00 | 1.30 | +23.8 |
| Viceroy Expl | VYE | 13184 | 10.87 | 8.55 | 10.75 | +21.7 |
| Twin Mining | TWG | 2681 | 0.15 | 0.115 | 0.14 | +21.7 |
| Pure Gld Mnr | PUG | 12772 | 0.09 | 0.065 | 0.085 | +21.4 |
| Rio Narcea Gld | RNG | 16680 | 2.73 | 2.20 | 2.65 | +21.0 |
| Grande Cache C | GCE | 946 | 1.36 | 1.07 | 1.09 | -19.8 |
| Ivernia | IVW | 4634 | 1.28 | 1.11 | 1.14 | -14.9 |
| Brazilian Diam | BDY | 130 | 0.225 | 0.205 | 0.21 | -14.2 |
| Ascendant Copp | ACX | 69 | 0.56 | 0.51 | 0.51 | -13.5 |
| BrazMin | BZM | 175 | 1.30 | 1.15 | 1.15 | -12.8 |
| Lumina Res | LUR | 119 | 0.71 | 0.62 | 0.62 | -12.6 |
| Rex Diamond | RXD | 194 | 0.085 | 0.065 | 0.07 | -12.5 |
| Gitennes Expl | GIT | 25 | 0.315 | 0.28 | 0.28 | -12.5 |
| Richmont Mines | RIC | 159 | 3.91 | 3.48 | 3.50 | -10.4 |
| Khan Res | KRI | 329 | 1.33 | 1.11 | 1.13 | -9.6 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| First Quantum | FM | 2850307 | 62.50 | +6.745 |
| Cameco Corp | CCO | 5692851 | 44.91 | +2.58 |
| Silver Std Res | SSO | 611436 | 26.40 | +2.57 |
| Barrick Gold | ABX | 10644922 | 36.91 | +2.56 |
| Dundee Bancrp | DBC.A | 101264 | 39.50 | +2.48 |
| Glamis Gold | GLG | 3640450 | 42.41 | +2.41 |
| Agnico-Eagle | AEM | 1945016 | 41.52 | +2.38 |
| Lundin Mng | LUN | 733427 | 33.75 | +2.25 |
| Teck Comin B | TCK.B | 13115163 | 81.16 | +2.16 |
| Tenke Mining | TNK | 713981 | 12.50 | +2.10 |
| Inco wt | N.WT | 51828 | 56.40 | -2.35 |
| Inco Ltd | N | 28775814 | 86.52 | -2.28 |
| Major Drilling | MDI | 112870 | 20.40 | -1.40 |
| ISh COMEX G Tr | IGT | 25124 | 69.53 | -0.97 |
| Gammon Lk Res | GAM | 1521527 | 13.72 | -0.71 |
| Quadra Mng | QUA | 1602580 | 11.75 | -0.65 |
| Dundee Prec Mt | DPM | 188429 | 10.50 | -0.56 |
| Richmont Mines | RIC | 158545 | 3.50 | -0.41 |
| Jaguar Mng | JAG | 126830 | 4.60 | -0.40 |
| aramide Res | LAM | 298699 | 5.25 | -0.35 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| EuroZinc Mng | EZM | 69166 | 3.49 | 3.06 | 3.37 | +0.21 | |
| Bema Gold | BGO | 34665 | 6.08 | 5.60 | 5.96 | -0.02 | |
| Inco Ltd | N | 28776 | 90.47 | 86.29 | 86.52 | -2.28 | |
| Yamana Gold | YRI | 22386 | 11.50 | 10.43 | 11.20 | +0.11 | |
| Falconbridge | FAL | 19413 | 62.53 | 62.39 | 62.43 | +0.06 | |
| Rio Narcea Gld | RNG | 16680 | 2.73 | 2.20 | 2.65 | +0.46 | |
| Equinox Minls | EQN | 14638 | 1.45 | 1.24 | 1.45 | +0.15 | |
| Kin ross Gold |
K | 14610 | 14.85 | 13.56 | 14.82 | +1.03 | |
| Viceroy Expl | VYE | 13184 | 10.87 | 8.55 | 10.75 | +1.92 | |
| Ivanhoe Mines | IVN | 13135 | 7.15 | 6.67 | 7.07 | +0.27 |
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