Concerns over continued interest rate hikes south of the border pushed the TSX Composite Index down another 4.3% to 11,197.58 during the June 6-12 report period. Metals of all varieties took on a red tinge; gold was off another US$32.60 to US$609.20 per oz.; it slipped below US$600 subsequent to the period’s end. No surprise, the gold index plummeted nearly 13% to 259.53 points, while the diversified miners slipped another 6.2% to 467.7.
With copper and zinc on the slide, Equinox Minerals and EuroZinc Mining took dubious honours as the two most-traded miners. Equinox saw more than 27.7 million shares trade 34 or 20% lower to $1.33, while EuroZinc slipped 14, or 5.5%, to $2.39 on nearly 25 million shares. Recent infill drilling by EuroZinc at the Neves-Corvo mine in Portugal recently outlined a new high-grade copper and zinc zone on the Zambujal orebody. Production there is scheduled for 2007.
LionOre Mining International put in a rare appearance on the TSX’s top-10-traded list, with around 16.3 million shares surrendering some earlier gains to end a penny better at $5.30. The company has agreed to buy Falconbridge’s Nikkelverk refinery in Norway for US$650 million in cash and shares. Falco hopes the sale will help speed regulatory approval of its planned nuptials with Inco. Falco ended $1.12 better at $55.85, while Inco dropped $5.92 to $65.54. Inco’s slide was helped along by lower nickel prices. Just for closure, Teck Cominco, which is bidding for Inco, ended $5.17 lighter at $60.78.
Renewed fears of nationalization of the mining industry in Venezuela sent shares in Crystallex International reeling to the tune of $1.24, or 28%, to $3.25; not to be outdone, Gold Reserve dropped $2.85, or 35.5%, to $5.17. Crystallex is still waiting for an environmental permit to begin developing the Las Cristinas deposit; Gold Reserve holds the rights to the neighbouring Brisas gold-copper project.
Shares in Peru Copper skidded 32.8% to $4.48 after it called Southern Copper’s bid for the Toromocho copper deposit “frivolous.” The US$1.54-billion project is expected to churn out an average of 601 million lbs. copper and 11 million lbs. molybdenum annually, for at least 21 years.
Also lower were shares in Crew Gold, which ended 28% cheaper at $1.80. Crew chief executive Jan Vestrum recently sold some 3.5 million shares in connection with the funding of a property acquisition. He retains exposure to just shy of 8.1 million shares.
Sulliden Exploration provided a bright spot amidst the gloom, shooting 36.9% higher to 63. The on-again, off-again arbitration aimed at resolving Minera Algamarca’s challenge to Sulliden’s ownership of the Shahuindo silver-gold project in Peru looks ready to resume after the Constitutional Tribunal rejected Algamarca’s appeal that the arbitration process is invalid. Sulliden says the arbitration should now proceed without further interruption.
TSX greatest percentage change
| Volume(000s) | High | Low | Close | Change | ||
| Sulliden Expl | SUE | 584 | 0.68 | 0.44 | 0.63 | +36.9 |
| HMZ Metals wt | HMZ.WT | 66 | 0.02 | 0.01 | 0.02 | +33.3 |
| Ascendant Copp | ACX | 15 | 0.66 | 0.63 | 0.63 | +18.8 |
| Ontex Res | ONT | 106 | 0.25 | 0.215 | 0.25 | +16.2 |
| HMZ Metals | HMZ | 1012 | 0.115 | 0.09 | 0.095 | +11.7 |
| Moydow Mns Int | MOY | 95 | 0.28 | 0.22 | 0.28 | +9.8 |
| Eastern Pla wt | ELR.WT | 11 | 0.70 | 0.60 | 0.65 | +8.3 |
| Yorbeau Res A | YRB.A | 216 | 0.40 | 0.285 | 0.40 | +5.2 |
| SouthernEra Di | SDM | 746 | 0.55 | 0.50 | 0.52 | +4.0 |
| CIC Energy | ELC | 176 | 6.40 | 6.00 | 6.33 | +3.7 |
| Rio Narcea wt | RNG.WT | 132 | 0.37 | 0.22 | 0.22 | -38.0 |
| SouthernEra wt | SDM.WT | 17 | 0.08 | 0.07 | 0.07 | -36.3 |
| Gold Reserve | GRZ | 663 | 8.14 | 4.50 | 5.17 | -35.5 |
| Peru Copper | PCR | 6963 | 7.65 | 4.47 | 4.48 | -32.8 |
| Northgate M wt | NGX.WT | 1016 | 1.30 | 0.85 | 0.88 | -32.3 |
| Northgate wtA | NGX.WT.A | 457 | 1.32 | 0.85 | 0.89 | -31.0 |
| Pan Am Silv wt | PAA.WT | 68 | 10.31 | 7.05 | 7.40 | -29.5 |
| New Gold wt | NGD.WT | 168 | 2.63 | 2.05 | 2.05 | -29.3 |
| Crew Gold | CRU | 275 | 2.38 | 1.80 | 1.80 | -28.0 |
| Chariot Res wt | CHD.WT | 543 | 0.25 | 0.175 | 0.18 | -28.0 |
TSX greatest value change
| volume | close | change | ||
| Falconbridge | FAL.LV | 14523520 | 55.85 | +1.12 |
| CIC Energy | ELC | 176460 | 6.33 | +0.23 |
| Tenke Mining | TNK | 741535 | 13.07 | +0.19 |
| Sulliden Expl | SUE | 583550 | 0.63 | +0.17 |
| Ascendant Copp | ACX | 15000 | 0.63 | +0.10 |
| African Copper | ACU | 562500 | 1.50 | +0.05 |
| Eastern Pla wt | ELR.WT | 11000 | 0.65 | +0.05 |
| UEX Corp | UEX | 6452699 | 3.85 | +0.05 |
| Etruscan Res | EET | 1695640 | 2.13 | +0.05 |
| Far West Mng | FWM | 146506 | 4.80 | +0.05 |
| First Quantum | FM | 2692704 | 43.10 | -7.98 |
| Alcan | AL | 13956841 | 48.55 | -7.75 |
| Potash Cp Sask | POT | 2465033 | 87.22 | -7.28 |
| Glamis Gold | GLG | 6166894 | 34.68 | -6.84 |
| Agnico-Eagle | AEM | 7729529 | 30.25 | -6.29 |
| Cameco Corp | CCO | 8462021 | 40.27 | -6.24 |
| Inco wt | N.WT | 67798 | 35.52 | -5.94 |
| Inco Ltd | N | 8510247 | 65.54 | -5.92 |
| Meridian Gold | MNG | 2759467 | 30.10 | -5.52 |
| Teck Comin B | TEK.B | 14496180 | 60.78 | -5.17 |
TSX most active issues
| Volume(000s) | High | Low | Close | Change | ||
| Equinox Minls | EQN | 27758 | 1.64 | 1.31 | 1.33 | -0.34 |
| EuroZinc Mng | EZM | 24943 | 2.66 | 2.24 | 2.39 | -0.14 |
| Bema Gold | BGO | 23957 | 5.83 | 5.05 | 5.06 | -0.67 |
| Goldcorp | G | 20397 | 32.45 | 27.81 | 27.92 | -4.54 |
| LionOre Mng In | LIM | 16272 | 5.81 | 5.17 | 5.30 | +0.01 |
| Kinross Gold | K | 15180 | 12.09 | 10.49 | 10.54 | -1.55 |
| Falconbridge | FAL.LV | 14524 | 55.89 | 54.24 | 55.85 | +1.12 |
| Teck Comin B | TEK.B | 14496 | 66.84 | 60.13 | 60.78 | -5.17 |
| HudBay Minls | HBM | 14292 | 13.25 | 11.34 | 11.55 | -1.85 |
| Yamana Gold | YRI | 14006 | 11.00 | 9.30 | 9.40 | -1.54 |
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