The TSX gained 155.25 points to end at 12,274.40 over the Oct. 24-30 trading session, protected from losses in oil prices by gains in the price of gold. The yellow metal was up on strong jeweller demand in India, rising over 4% to US$608.50 per oz.; the gold index went with it, gaining nearly 12 points to 294.72.
The diversified miners also gained ground, rising to 610.02 points as increased prices for silver, platinum, palladium, zinc and lead offset losses in copper, nickel and tin.
Dynatec was the most actively traded stock over the week, with roughly 74 million shares changing hands — 63 million in one day. The flurry of activity came after the Richmond Hill, Ont.-based company announced it had sold stakes in its $2.5-billion Ambatovy nickel project in Madagascar, raising $852 million in funds. Korea Resources Corp. (KORES) will take a 27.5% stake in the project, with existing partner Sumitomo moving up to 27.5% and Montreal-based SNC-Lavalin taking 5%. That leaves Dynatec, the project operator, with a 40% interest.
Dynatec shares gained nearly 60% for the period, closing at $1.89 on Oct. 30. The company says Ambatovy may produce as much as 60,000 tonnes of nickel annually for more than 27 years. KORES will have the right to buy at least half the project’s quarterly production during the first 15 years.
Teck Cominco released quarterly results highlighted by an increase of about 25% in third-quarter profits over last year. The company credited higher copper and zinc prices for the gains despite lower zinc sales and a lower realized coal price. Teck earned $504 million or $2.32 per share for the quarter compared with $1.88 per share in the same period last year. Quarterly revenue increased to $1.63 billion, up from $1.15 billion a year ago.
Continuing strength in uranium prices — the spot price reached US$60.75 per lb. U3O8 at the end of October — made Perth, Australia-based Paladin Resources the second most-traded company for the period. Paladin was up 23 to $5.03 with over 44 million shares traded. The company’s Langer Heinrich uranium mine in Namibia was commissioned one month early and is expected to be complete by late December, on budget.
Toronto-based SXR Uranium One also benefited from uranium’s high price and tight supply. Shares in the company gained $2.45 to close at $12.70 for the period on roughly 18 million shares.
Positive metallurgical results at its Campo Morado project in Mexico sent shares of Farallon Resources up 34% to 61 on the week. The Vancouver-based company announced that a zinc concentrate grading 55% with an 86% zinc recovery can be achieved at the project. Also, a copper concentrate grading 20% can be produced with a 69% copper recovery and a lead concentrate grading 34% with a 51% lead recovery.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| SouthernEra wt | SDM.WT | 151 | 0.11 | 0.07 | 0.09 | +125.0 |
| Farallon Res | FAN | 1510 | 0.62 | 0.45 | 0.61 | +34.0 |
| Peregrine D wt | PGD.WT | 18 | 0.20 | 0.15 | 0.20 | +33.3 |
| Niocan Inc | NIO | 85 | 0.48 | 0.38 | 0.48 | +33.3 |
| Franc-Or Res | FOR | 107 | 0.22 | 0.19 | 0.20 | +33.3 |
| Opawica Expl | OPW | 9449 | 0.095 | 0.06 | 0.085 | +30.7 |
| Katanga Mng | KAT | 1887 | 6.70 | 4.50 | 6.11 | +29.1 |
| Canadn Zinc | CZN | 4687 | 0.97 | 0.72 | 0.90 | +25.0 |
| HMZ Metals | HMZ | 191 | 0.055 | 0.045 | 0.05 | +25.0 |
| Ur-Energy | URE | 11696 | 4.19 | 3.37 | 4.06 | +24.1 |
| HMZ Metals wt | HMZ.WT | 150 | 0.005 | 0.005 | 0.005 | -50.0 |
| Golden Str wtA | GSC.WT.A | 77 | 0.27 | 0.22 | 0.22 | -18.5 |
| Wesdome Gold | WDO | 135 | 1.99 | 1.59 | 1.62 | -14.7 |
| Western Copper | WRN | 1221 | 1.57 | 1.26 | 1.32 | -14.2 |
| Baffinland Irn | BIM | 116 | 2.34 | 2.10 | 2.10 | -13.5 |
| Lumina Res | LUR | 796 | 1.51 | 1.30 | 1.32 | -13.1 |
| Grandview Gld | GVX | 68 | 0.85 | 0.67 | 0.85 | -12.3 |
| GLR Res | GRS | 46 | 0.325 | 0.285 | 0.285 | -12.3 |
| StrataGold | SGV | 98 | 1.09 | 1.03 | 1.05 | -11.7 |
| Chariot Res wt | CHD.WT | 871 | 0.30 | 0.23 | 0.26 | -10.3 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Potash Cp Sask | POT | 1513844 | 143.25 | +8.87 |
| Denison Mines | DEN | 1995716 | 21.91 | +2.63 |
| Alcan | AL | 6120152 | 51.18 | +2.54 |
| Agnico-Eagle | AEM | 3686836 | 41.20 | +2.47 |
| SXR Uranm One | SXR | 18154401 | 12.70 | +2.45 |
| Dundee Bancrp | DBC.A | 136568 | 61.00 | +2.03 |
| Tenke Mining | TNK | 272219 | 14.10 | +1.83 |
| Denison Mn wt | DEN.WT | 245225 | 9.05 | +1.68 |
| Katanga Mng | KAT | 1887430 | 6.11 | +1.38 |
| Glamis Gold | GLG | 10053313 | 48.00 | +1.38 |
| First Quantum | FM | 1357789 | 64.98 | -1.64 |
| Fording C C T | FDG.UN | 1714176 | 28.30 | -0.95 |
| Teck Comin B | TCK.B | 6670257 | 83.50 | -0.94 |
| Banro Res | BAA | 246600 | 13.70 | -0.68 |
| Inmet Mining | IMN | 1069020 | 54.72 | -0.68 |
| Barrick Gold | ABX | 10061793 | 34.00 | -0.67 |
| Quadra Mng | QUA | 738382 | 9.60 | -0.53 |
| Cameco Corp | CCO | 14648657 | 39.40 | -0.49 |
| Peru Copper | PCR | 143458 | 4.20 | -0.46 |
| Minefinders | MFL | 1001304 | 8.40 | -0.44 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Dynatec Corp | DY | 74178 | 1.92 | 1.63 | 1.89 | +0.29 | |
| Paladin Res | PDN | 44131 | 5.18 | 4.75 | 5.03 | +0.02 | |
| Equinox Minls | EQN | 39018 | 2.00 | 1.85 | 1.98 | +0.12 | |
| Goldcorp | G | 27747 | 28.87 | 25.65 | 28.58 | +0.80 | |
| Bema Gold | BGO | 25604 | 4.95 | 4.73 | 4.83 | -0.11 | |
| SXR Uranm One | SXR | 18154 | 13.10 | 10.55 | 12.70 | +2.45 | |
| Ivanhoe Mines | IVN | 17429 | 13.09 | 10.06 | 11.39 | +0.25 | |
| Breakwater Res | BWR | 17148 | 1.54 | 1.25 | 1.51 | +0.14 | |
| Cameco Corp | CCO | 14649 | 40.06 | 37.22 | 39.40 | -0.49 | |
| Kinross Gold | K | 13590 | 14.71 | 13.61 | 14.46 | +0.28 |
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