The TSX continued higher, but eased from a record high close of 12,342.02 points on April 6 to end the April 4-10 report period 78.84 points better at 12,289.7. With most of the base metals hitting record highs, the diversified miners outpaced their more glittery brethren to advance 4.2% to 488.81. Gold tacked on another US$10.25 to reach US$597.25 per oz., helping the gold index 2.6% higher to 311.58.
Soaring zinc prices pushed miners of the bluish-white metal higher. Notably, EuroZinc Mining jumped 29, or 13.5%, to $2.43, on just shy of 37 million shares, while Breakwater Resources rose 19 to $1.59. The pair finished as the second and third most-traded miners on the TSX during the period.
Still, Bema Gold finished as top trader, with more than 60 million shares gaining 15 to hit $5.44. The Russian government recently granted construction permits for Bema’s 75%-owned Kupol gold mine. Bema can now draw from its US$400-million project loan. Bema and Venture-exchange-listed partner Arizona Star Resource hope to soon buy Barrick Gold’s 51% stake in the Cerro Casale copper-gold project in Chile. Barrick inherited its stake via its takeover of Placer Dome.
A buy recommendation on Jim Cramer’s Mad Money show on MSNBC gave Crystallex International an instant boost of 28% on April 6; the shares ended the week $1.45 higher at $6.53. The Venezuelan government recently approved the company’s feasibility study for the Las Cristinas gold project in Bolivar state. A final permit remains outstanding.
Months of sniping have come to an end, with copper rivals First Quantum Minerals and Adastra Minerals reaching a takeover deal that sees the latter offer $2.92 per Adastra share, or one of its own shares plus 26.5 in cash for every 14.76 Adastra shares. First Quantum originally offered one of its own shares for every 17.5 Adastra shares in mid-January. Adastra ended a nickel leaner at $3.00, while First Quantum gained $1.35 to $49.96.
A leak in the ventilation shaft at Cameco’s Cigar Lake uranium project in Saskatchewan, wiped out earlier gains. Around 8.1 million shares sank 68 to $43.15. Construction could be delayed for up to 6 months.
Also on the slide was Atna Resources, which slipped 29.2% to $1.67. During the past two years, Atna has boosted resources at the past-producing Pinson gold project in Nevada by 52% to 712,000 oz. Barrick has taken notice, and exercised its back-in right to a 70% stake by agreeing to spend $30 million over three years. Barrick added $1.07 to hit $33.68.
Squabbling with state-owned Congolese partner L’Office des Mines d’Or de Kilo-Moto sent shares in Moto Goldmines $1.16, or 16% lower to $6.14. Okimo is reviewing the lease agreement for the Moto gold project, and has hired SRK Consulting to review Moto’s resource estimates. Moto says its contracts at the project remain in force, and it is not aware of any legal action against it.
TSX greatest percentage change
| Volume(000s) | High | Low | Close | Change | ||
| Frontera Cp wt | FCC.WT | 1743 | 1.02 | 0.58 | 1.02 | +70.0 |
| SouthernEra wt | SDM.WT | 71 | 0.11 | 0.06 | 0.10 | +53.8 |
| Euro Res | EUR | 145 | 2.05 | 1.25 | 2.03 | +50.3 |
| Cross Lake Mnr | CRN | 6733 | 0.155 | 0.10 | 0.15 | +50.0 |
| Alexco Res | AXR | 2900 | 4.10 | 2.50 | 3.69 | +48.1 |
| Ascendant C wt | ACX.WT | 25 | 0.28 | 0.15 | 0.28 | +40.0 |
| Fronteer Dev G | FRG | 3688 | 7.35 | 5.43 | 7.20 | +38.4 |
| Corriente Res | CTQ | 1538 | 6.50 | 4.87 | 6.50 | +32.1 |
| Northgate wtA | NGX.WT.A | 367 | 0.67 | 0.39 | 0.60 | +30.4 |
| Crystallex Int | KRY | 23384 | 7.17 | 4.90 | 6.53 | +28.5 |
| Atna Res Ltd | ATN | 7513 | 2.39 | 1.62 | 1.67 | -29.2 |
| Franc-Or Res | FOR | 552 | 0.30 | 0.23 | 0.23 | -26.9 |
| Ascendant Copp | ACX | 177 | 0.99 | 0.75 | 0.79 | -20.2 |
| Sulliden Expl | SUE | 1091 | 0.56 | 0.45 | 0.47 | -16.0 |
| Moto Gold Mine | MGL | 1617 | 7.30 | 6.12 | 6.14 | -15.8 |
| HMZ Metals | HMZ | 1877 | 0.10 | 0.07 | 0.08 | -15.7 |
| Opta Minls | OPM | 40 | 3.64 | 3.10 | 3.10 | -13.8 |
| QGX | QGX | 772 | 4.50 | 3.98 | 4.03 | -11.2 |
| Western C Coal | WTN | 1913 | 2.95 | 2.66 | 2.68 | -11.2 |
| WGI Heavy Mnl | WG | 338 | 1.35 | 1.14 | 1.16 | -10.7 |
TSX greatest value change
| volume | close | change | ||
| Teck Comin B | TEK.SVB | 7867930 | 85.89 | +8.28 |
| Teck Comin A | TEK.MVA | 27136 | 86.55 | +7.35 |
| Inmet Mining | IMN | 1820695 | 41.18 | +5.23 |
| Lundin Mng | LUN | 517054 | 32.40 | +3.40 |
| Alcan | AL | 7858418 | 57.74 | +2.45 |
| Fronteer Dev G | FRG | 3687733 | 7.20 | +2.00 |
| Vista Gold | VGZ | 285063 | 8.80 | +1.81 |
| Gold Reserve | GRZ | 910951 | 8.88 | +1.63 |
| Glamis Gold | GLG | 4883266 | 40.45 | +1.63 |
| Corriente Res | CTQ | 1537671 | 6.50 | +1.58 |
| Pan Am Silv wt | PAA.WT | 32683 | 16.50 | -1.61 |
| Pan Am Silver | PAA | 1636278 | 27.98 | -1.26 |
| Gammon Lk Res | GAM | 3571891 | 19.73 | -1.17 |
| NovaGold Res | NG | 1210405 | 17.35 | -1.16 |
| Moto Gold Mine | MGL | 1617038 | 6.14 | -1.16 |
| Royal Gold | RGL | 18094 | 39.67 | -1.105 |
| Banro Res | BAA | 461290 | 12.31 | -1.02 |
| Aber Diamond | ABZ | 1111476 | 46.75 | -0.95 |
| North Am Pall | PDL | 421160 | 13.36 | -0.84 |
| Major Drilling | MDI | 573544 | 28.34 | -0.81 |
TSX most active issues
| Volume(000s) | High | Low | Close | Change | ||
| Bema Gold | BGO | 60276 | 5.57 | 5.22 | 5.44 | +0.15 |
| EuroZinc Mng | EZM | 36868 | 2.55 | 2.12 | 2.43 | +0.29 |
| Breakwater Res | BWR | 26462 | 1.69 | 1.35 | 1.59 | +0.19 |
| Tahera Diam | TAH | 23954 | 0.68 | 0.61 | 0.62 | -0.04 |
| Crystallex Int | KRY | 23384 | 7.17 | 4.90 | 6.53 | +1.45 |
| Eldorado Gold | ELD | 21163 | 5.89 | 5.51 | 5.60 | -0.13 |
| Equinox Minls | EQN | 17893 | 1.67 | 1.50 | 1.52 | -0.06 |
| Queenstake Rs | QRL | 17864 | 0.49 | 0.415 | 0.455 | |
| Kinross Gold | K | 17786 | 13.03 | 12.27 | 12.43 | -0.36 |
| Yamana Gold | YRI | 17259 | 13.34 | 11.17 | 12.66 | +1.46 |
Be the first to comment on "Toronto Stock Exchange April 4-10"