Toronto Stock Exchange June 20-26

Merger and acquisition activity, along with buoyant resources, helped the Toronto Stock Exchange out of its recent slide during the June 20-26 report period. The benchmark index clawed back 364.62 points, or 3.3%, to reach 11,372.2. The gold index rocketed 9.4% higher to 284.44, while the diversified miners jumped 8.8% to 504.68. Aluminum and zinc prices were the lone metal losers.

Falconbridge and Inco stole the spotlight, with U.S.-based copper miner Phelps Dodge tabling a proposed three-way, US$40-billion merger deal. Falconbridge jumped $3.31 to $58.33, while Inco added $8.60 to make $72.28. The plan would beget the world’s largest nickel miner and second-largest copper producer.

Related shares ended higher: Teck Cominco, which has a competing bid for Inco, advanced $4.00 to $65.00 even, while LionOre Mining International soared $1.10 to $6.14. LionOre will buy Falconbridge’s Nikkelverk nickel refinery in Norway for US$650 million, provided Inco snaps up Falconbridge. The deal is designed to ease European regulatory approval of the long-delayed nuptials.

The country’s gold miners also enjoyed a boost from a rejuvenated yellow metal, which ended US$12.50-per-oz. better at US$583.50. Bema Gold trailed only Falconbridge in trading volume, with just shy of 17 million shares climbing 58 to $5.44. Goldcorp saw around 14 million shares add $3.01 to hit $31.70.

Kinross Gold shares floated 96 higher to $11.26 after the company unencumbered itself of the dormant Lupin gold mine in Nunavut and Blanket gold mine in politically unstable Zimbabwe. Barrick Gold rounded out the TSX’s 10 busiest miners’ list with a $1.28 gain to $31.78 on around 9.3 million shares.

Subsequent to the period’s end, Bema and Venture Exchange-listed partner Arizona Star Resource inked a deal to acquire Barrick’s 51% stake in the large, low-grade Cerro Casale gold-copper project in Chile for US$10 million up front followed by at least US$70 million upon a construction decision. A previous feasibility study figures annual production at 975,000 oz. gold and 280 million lbs. copper over 18 years. The partners are updating operating and capital costs.

Quebec-based gold junior Franc-Or Resources jumped 42.5% to 28.5 to top the percentage gainers’ list. The Peruvian government recently granted a drilling permit for the Mario base metal property, where the company needs to sink 3,477 metres by the end of July as part of its option agreement with Teck.

Others on the rise were: Canadian Gold Hunter, plus 36.1% to $1.28; and Zaruma Resources, which advanced 25% to 15.

Gold Hunter recently launched a 40-hole, 15,000-metre drill program aimed at extending the Donnelly zone on the GJ property in British Columbia. Indicated resources there total 91.7 million tonnes of 0.37% copper and 0.38 gram gold. Zaruma has lined up construction financing for its Luz del Cobre copper project in Mexico.

TSX most active issues

Volume(000s) High Low Close Change
Falconbridge FAL 23531 59.10 54.75 58.33 +3.31
Bema Gold BGO 16960 5.48 4.76 5.44 +0.58
Inco Ltd N 16568 74.48 63.85 72.28 +8.60
Teck Comin B TEK.B 14427 67.63 60.60 65.00 +4.00
Equinox Minls EQN 14193 1.33 1.25 1.30 +0.03
Goldcorp G 14015 31.99 28.55 31.70 +3.005
Breakwater Res BWR 12654 1.28 1.05 1.27 +0.22
LionOre Mng In LIM 12577 6.35 5.08 6.14 +1.01
Kinross Gold K 10589 11.50 10.22 11.26 +0.96
Barrick Gold ABX 9281 31.88 30.50 31.78 +1.28

TSX greatest percentage change

VOLUME(000S) HIGH LOW CLOSE CHANGE
Franc-Or Res FOR 365 0.285 0.20 0.285 +42.5
Northgate wtA NGX.WT.A 752 1.25 0.90 1.25 +42.0
Canadn Gld Hun CGH 298 1.30 0.96 1.28 +36.1
Northgate M wt NGX.WT 359 1.29 0.92 1.29 +34.3
Frontera Cp wt FCC.WT 245 1.68 1.30 1.62 +31.7
Skye Res SKR 5451 9.49 6.45 8.75 +29.6
Pioneer Metals PSM 2795 0.76 0.58 0.75 +27.1
Nevsun Res Wt NSU.WT 223 1.28 1.00 1.26 +26.0
Agnico-Eag wt* AEM.WT.U 22 15.00 12.25 15.00 +25.0
Zaruma Res ZMR 1088 0.17 0.11 0.15 +25.0
HMZ Metals wt HMZ.WT 20 0.015 0.015 0.015 -25.0
Pine Valley Mg PVM 241 1.05 0.75 0.81 -22.8
European Ml wt EPM.WT 126 0.50 0.39 0.39 -22.0
Western Copper WRN 2148 1.28 1.05 1.05 -17.9
Ascendant Copp ACX 266 0.51 0.49 0.49 -16.9
Cancor Mines KCR 65 0.27 0.27 0.27 -15.6
Moydow Mns Int MOY 183 0.27 0.23 0.23 -14.8
NEMI Nor En&Mg NNE.A 262 1.13 0.77 0.97 -14.1
New Gold wt NGD.WT 23 2.33 1.90 1.90 -13.6
QGX QGX 205 2.11 1.70 1.74 -13.0

TSX greatest value change

VOLUME CLOSE CHANGE
Inco Ltd N 16567787 72.28 +8.60
Inco wt N.WT 70912 42.10 +7.63
First Quantum FM 1634970 49.21 +5.98
Glamis Gold GLG 5232335 40.15 +5.61
Agnico-Eagle AEM 3374084 34.79 +4.41
Teck Comin A TEK.A 15157 73.13 +4.12
Teck Comin B TEK.B 14426686 65.00 +4.00
Inmet Mining IMN 1014930 38.41 +3.76
Cameco Corp CCO 5060876 43.72 +3.42
Alcan AL 5684300 50.60 +3.36
Dundee Bancrp DBC.A 92297 33.27 -1.72
Major Drilling MDI 511414 21.40 -0.77
Dundee Prec Mt DPM 344469 10.75 -0.65
Globex Mng GMX 29150 3.17 -0.30
New Gold wt NGD.WT 22650 1.90 -0.30
QGX QGX 204501 1.74 -0.26
Teal Expl & Mg TL 12400 4.75 -0.25
Pine Val
ley Mg
PVM 240901 0.81 -0.24
Noranda Inc Fd NIF.UN 100331 11.60 -0.24
Anatolia Minls ANO 119739 3.27 -0.23
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