Gold picked up another US$1.90 in New York to finish the week at US$333 per oz., and helped the Toronto Stock Exchange‘s Gold Index to a 5.01-point gain to 197.42. The base metal miners managed a 0.54-point gain to 124.17.
Kinross Gold was far and away the nation’s busiest mining issue trading about 14.3 million shares to a 15 gain to $3.47. Barrick Gold was next in line making 38 to finish at $24.98 on more than 3.1 million shares. Placer Dome rounded out the major gold producers with a 48 rise to $17.78.
Mid-tier producer GoldCorp climbed from midday on to come in 81 higher at $19.75. Late on Friday, the company announced that it will present its exploration results after the market closes on Dec. 18.
Iamgold continued higher tacking on another 17 to make $6.81. On Thursday, Iamgold announced an annual dividend of 5 to be paid on Jan. 24 to shareholders of record on Dec. 20.
Fording led a quieter bunch of base metal issues, climbing 13 to $33.33 on about 1.5 million shares. The coal miner has decided to delay its Dec. 20 shareholders meeting to review a revised $35-per-share takeover offer from Sherritt International and the Ontario Teachers’ Pension Plan. For its part, Sherritt advanced 8 to $4.17. Rival bidders Teck Cominco and Westshore Terminals Income Fund headed in opposite directions. Teck grabbed 7 to reach $11.25; Westshore dropped 7 to settle at $4.73.
On the diamond watch, Diamond Fields International shed a nickel or nearly 8% of value to end the week at 60. On Friday, the diamond miner announced the settlement of an outstanding lawsuit concerning a joint venture with Trans Hex Group on certain portions of Diamond Fields’ Luderitz concessions in Namibia. DFI will receive $480,000 in cash and will $320,000 worth of debt forgiveness from Trans Hex. The settlement gives DFI 100% of all revenues from its Luderitz concessions.
DFI also announced that MIL Investments, owned by Jean-Raymond Boulle, DFI’s chairman, CEO and controlling shareholder, will reinstate a US$2–million promissory note owed by DFI to MIL. Under the deal the remaining principal plus all accrued and unpaid interest will not be due until the end of December.
Canada’s junior exchange jumped on heavy volume with advancers beating decliners 378-to-279. The S&P-TSX Venture Exchange composite index added 12.03 points, or 1.22%, to its value and finished the day at 995.63, with a whopping 53 million shares traded.
St. Jude Resources closed up 7 to $1.07 with 739,000 shares crossing the floor. St. Jude is currently in the process of performing a drill program which will continue into 2003. Drilling is focus on the South Benso project (resource pending) as well as at the Hwini-Butre project.
American Bonanza Gold Mining up a penny to 19 on 662,000 shares. The company has commenced drilling at its Pamlico Project located in the Walker Lane gold trend of Nevada. The project is currently under option with American Nevada Gold. The program will consist of about 8 drill holes to confirm and expand mineralization encountered previously in the underground workings in the Central Mine Area and at the northwest end of the Main Zone.
ECU Silver Mining closed at 6 up 1 on 532,000 shares. The company holds the Velardena silver and gold mine in Mexico. The mine hosts resources of 2.4 million tonnes averaging 269 grams silver and 2.80 grams gold per tonne. The company’s operations have returned to normal after the flood that filled the mine with water and mud on August 7th. The mill started treating material from the stope of the first level on September 30 at about 80% of capacity.
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