In late November, the Toronto Stock Exchange’s gold share index hit its highest level since the overhauled barometer was launched, driven by a gold price rose above US$400 for only the second time since 1996. The index closed at 237.16.
The Toronto mining index, consisting mostly of copper, zinc and nickel producers, also reached a new peak, closing at 197.73.
Forecasts for better global economic growth, a shortage of several metals, including nickel, and a weak U.S. dollar have largely underpinned the resurgence.
In the first 10 months of 2003, mining companies listed on Toronto’s venture exchange raised $767 million (US$590 million) by issuing shares. That is roughly 50% more than was raised by junior miners on the same market a year earlier.
In Vancouver, the British Columbia Securities Exchange is running seminars to educate mining participants about rules governing their industry in an attempt to protect investors.
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