Precious-metals companies may have taken a hit during the Jan. 10-14 trading week but for companies with iron ore, copper, uranium and potash assets, the numbers looked pretty good. The TSX Composite index climbed 191.76 points or 1.45% to finish at 13,464.06, while the Capped Metals & Mining index rose 51.81 points or 3.47% to 1,543.45.
Heated merger activity dominated the headlines. On Jan. 11, Cliffs Natural Resources announced an all-cash offer for Consolidated Thompson valued at about $4.9 billion or $17.25 per share, about a 30% premium to Consolidated Thompson’s closing share price on Jan. 10. The emerging iron ore producer, founded in 2006, operates Bloom Lake, an open-pit iron mine on the south end of the Labrador Trough, an area spanning northeastern Quebec and western Labrador. It also holds two adjacent development properties, Lamelee and Peppler Lake. The company’s shares ended up $4.18 to $17.40.
Meanwhile, Inmet Mining’s shares surged $4.45 to $78.95 following its proposed “merger of equals” with Lundin Mining. The combined company, to be called Symterra, would have a market capitalization of nearly $9 billion and generate about 80% of its revenue from copper. Symterra would have five operating mines in Europe and two major development projects, one in the Democratic Republic of the Congo and the other in Panama.
On other fronts, First Quantum Minerals shares topped the list of value gains, up $5.67 per share to $120.32. On Jan. 13, the company reported production of 75,600 tonnes of copper and 48,600 oz. gold for the fourth quarter of 2010, and 322,700 tonnes of copper and 191,400 oz. gold for the year ended Dec. 31. First Quantum’s copper production reflected new monthly and quarterly records at its Kansanshi operation.
Potash Corp. of Saskatchewan, meanwhile, advanced $4.78 to $170.60 apiece. The potash giant will release fourth-quarter and year-end earnings on Jan. 27.
Shares of Labrador Iron Ore Mines added $3 to close at $70.48, also on no news. In a progress report in late last December, the company noted that construction is nearing completion at its wholly owned direct shipping iron project in western Labrador, and that it is on track to start mining and processing activities in April. Before seasonal operations shut down in November, it expects to mine more than 2 million tonnes of ore that will result in shipments of between 1.5 and 2 million tonnes of ore.
Gold and silver companies dominated the negative side of the ledger. The Global Gold index dropped 10.67 points to 377.76 as the New York spot price for gold fell US$8 per oz. to US$1,361.80 per oz. Golden Minerals posted the biggest decline, falling $4.39 to $20.92 per share. Goldcorp followed with a drop of $2.33 to close at $40.17 apiece and Royal Gold fell $2.27 to $47.25 per share.
TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Cons Thomp Irn CLM 78053 17.95 13.10 17.40 + 4.18
Starfield Res SRU 50771 0.14 0.06 0.14 + 0.07
Lundin Mng LUN 49148 8.22 6.94 7.66 + 0.59
Uranium One UUU 41938 5.44 4.49 5.43 + 0.90
Eastern Platin ELR 37737 1.96 1.75 1.91 + 0.14
Cline Mng CMK 29546 5.04 3.95 4.54 + 0.29
Canada Lithium CLQ 28440 1.84 1.54 1.65 – 0.09
MagIndustries MAA 25418 0.31 0.27 0.31 + 0.02
Equinox Minls EQN 24181 6.09 5.71 5.86 – 0.23
Baffinland Irn BIM 21486 1.58 1.42 1.55 + 0.13
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Starfield Res SRU 50771 0.14 0.06 0.14 + 100.0
Thundermin Res THR 1276 0.22 0.15 0.22 + 46.6
Niocan Inc NIO 527 0.95 0.38 0.72 + 44.0
Zazu Metals ZAZ 1033 0.59 0.39 0.53 + 43.2
Nuinsco Res NWI 17456 0.26 0.20 0.22 + 37.5
Inspiration Mg ISM 1638 0.38 0.26 0.36 + 33.3
Cons Thomp Irn CLM 78053 17.95 13.10 17.40 + 31.6
Candente Coppr DNT 10498 1.95 1.46 1.90 + 31.0
Champion Minls CHM 12853 3.10 2.19 2.84 + 30.2
Timminco TIM 14357 0.61 0.38 0.53 + 29.2
Velocity Minls VLC 87 0.17 0.11 0.14 – 22.2
South Am Silvr SAC 2234 2.04 1.67 1.68 – 17.6
Golden Mnls AUM 403 25.95 20.11 20.92 – 17.3
Ratel Gold RTL 1945 1.94 1.50 1.58 – 16.4
Dynacor Gold M DNG 461 1.75 1.32 1.44 – 14.2
Red Cresc Res RCB 312 0.70 0.60 0.60 – 14.2
Avalon Rare Mt AVL 5996 6.81 5.49 5.70 – 13.3
Cluff Gold CFG 10 1.66 1.65&
nbsp; 1.65 – 13.1
Contintl Gold CNL 1628 8.89 7.66 7.70 – 12.4
Golden Queen GQM 371 2.70 2.28 2.33 – 12.0
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
First Quantum FM 3038831 120.32 + 5.67
Potash Cp Sask POT 3396087 170.60 + 4.78
Inmet Mining IMN 3424703 78.95 + 4.45
Cons Thomp Irn CLM 78053001 17.40 + 4.18
Labdr I-Ore Ro LIF_U 300836 70.48 + 3.00
Northern Dyn M NDM 1510265 16.70 + 2.57
Ivanhoe Mines IVN 3415750 25.62 + 1.72
Cameco Corp CCO 7095405 39.52 + 1.71
Europn Goldfld EGU 6359675 14.61 + 1.59
Anvil Mining AVM 2801053 7.15 + 1.37
Golden Mnls AUM 402588 20.92 – 4.39
Goldcorp G 18730340 40.17 – 2.33
Royal Gold RGL 28124 47.25 – 2.27
Barrick Gold ABX 18997028 46.59 – 2.10
Pan Am Silver PAA 1040658 34.78 – 1.82
Silver Wheaton SLW 11772323 31.38 – 1.81
Newmont Mng NMC 25240 55.12 – 1.43
Silvercorp Mtl SVM 4785609 10.28 – 1.30
Franco-Nevada FNV 4385339 30.05 – 1.30
Agnico-Eagle AEM 3619682 68.56 – 1.24
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