The TSX Composite Index did not maintain the improvement of the previous week over the Sept. 4-10 trading session, instead falling 34.99 points to 13,625.49. The Capped Metals and Mining Index followed suit with a 16.07-point loss to 781.58.
The rising price of bullion eased some of the sting that’s been felt on the Toronto market; gold shot up US$31.20 to US$703.50 per oz. — the first time it has surpassed the US$700-mark since May 2006. Both the gold mining stocks and the Global Gold Index were rewarded accordingly. The Global Gold Index gained 23.58 points to settle at 292.83. Gold mining stocks dominated the plus side of the value-change list: Barrick Gold was up $4.63 to $38.96; Agnico-Eagle Mines climbed $4.08 to $35.12; Goldcorp added $2.34 to $27.27; and Royal Gold saw a boost of $2.05 to $31.52.
There were plenty of base metal miners on the losing side, with First Quantum Minerals down $4.30 to $75.70, Teck Cominco off $2.42 to $42.58, and Anvil Mining backing up $1.40 to $16.05.
Northern Orion Resources and Yamana Gold saw the most trading action over the period, as the companies geared up for the Sept. 11 deadline of their hostile takeover bid for Meridian Gold.
Northern Orion shares jumped $1.07 to $6.12 on a trading volume of 57.3 million shares, while Yamana shares increased 25 to $11.94 on 56.5 million shares traded.
Breakwater Resources was also quite active, with 38.3 million shares changing hands over the period; the stock closed the week with a 36 loss at $2.41. The company, with its partner Virginia Mines, provided the market with an update on the Coulon project, in Quebec. Along with three lenses and some regional targets being tested, prospecting and geological mapping led to some new surface discoveries, including boulders with values of 6.14% copper, 4.08% zinc, 2,000 grams silver per tonne and 20.7% lead.
Lead, zinc and silver company, Areheda Mining, which is focused on projects in China and Mongolia, topped the percentage change list with a 48.6% increase to 55 on no news.
Timminco, a producer of magnesium and other specialty metals, saw its stock grow by 47.1% to close at $10.27 apiece. The company announced a $75-million financing at $8.50 per share, which was increased from $65 million. The funds will be used to boost production capacity with a new 3,600-tonne solar silicon plant, and to increase the quality of production, which is already at 99.99%.
Linear Gold’s shares climbed 36.3% to $3.00 while its new partner Kinross Gold saw its stock rise 8.4% to $14.01. The two companies have formed a joint venture to explore Linear’s Ixhuatan gold-copper-molybdenum project in Chiapas, Mexico. Kinross can earn up to 70% by spending US$15 million on exploration and paying Linear US$101 million, plus a production decision fee.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Arehada Mining | AHD | 340 | 0.59 | 0.41 | 0.55 | + | 48.6 |
| Timminco | TIM | 15940 | 10.27 | 6.50 | 10.27 | + | 47.1 |
| Kinross Gld wt | K_T | 2519 | 0.29 | 0.20 | 0.27 | + | 42.1 |
| Linear Gold | LRR | 3209 | 3.28 | 2.14 | 3.00 | + | 36.3 |
| Northern Or wt | NNO_T | 788 | 4.40 | 3.17 | 4.23 | + | 34.7 |
| Global Copper | GLQ | 867 | 3.05 | 2.23 | 2.95 | + | 26.6 |
| American Bonan | BZA | 1201 | 0.23 | 0.175 | 0.22 | + | 25.7 |
| Euro Res | EUR | 12 | 1.55 | 1.25 | 1.55 | + | 25.0 |
| San Anton Res | SNN | 129 | 1.19 | 0.86 | 1.16 | + | 24.7 |
| Premier Gold M | PG | 938 | 2.40 | 1.84 | 2.30 | + | 24.3 |
| New Gold wt | NGD_T | 50 | 0.15 | 0.10 | 0.10 | – | 37.5 |
| Coalcorp wt | CCJ_T | 44 | 1.00 | 0.75 | 0.85 | – | 22.7 |
| Glencairn G wt | GGG_T | 569 | 0.045 | 0.03 | 0.035 | – | 22.2 |
| Atlanta Gold | ATG | 167 | 0.79 | 0.65 | 0.70 | – | 21.3 |
| Golden Peaks | GL | 89 | 2.15 | 1.80 | 1.87 | – | 18.7 |
| Inspiration Mg | ISM | 899 | 4.40 | 3.30 | 3.64 | – | 17.2 |
| Strategic Res | SRZ | 705 | 5.00 | 3.97 | 4.14 | – | 17.2 |
| Constel Copper | CCU | 1877 | 1.07 | 0.90 | 0.90 | – | 16.6 |
| Franc-Or Res | FOR | 29 | 0.22 | 0.18 | 0.215 | – | 15.6 |
| Campbell Res | CCH | 6348 | 0.145 | 0.125 | 0.125 | – | 13.7 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | |||
| Inmet Mining | IMN | 4192710 | 93.87 | + | 8.58 |
| Major Drilling | MDI | 532086 | 50.32 | + | 6.35 |
| Barrick Gold | ABX | 24581995 | 38.96 | + | 4.63 |
| Agnico-Eagle | AEM | 7145609 | 51.30 | + | 4.08 |
| Silver Std Res | SSO | 738098 | 35.12 | + | 4.08 |
| Timminco | TIM | 15940332 | 10.27 | + | 3.29 |
| ISh COMEX G Tr | IGT | 22669 | 73.25 | + | 2.69 |
| Goldcorp | G | 23278708 | 27.27 | + | 2.34 |
| Royal Gold | RGL | 17899 | 31.52 | + | 2.05 |
| Central Gold-T | GTU_U | 25181 | 27.98 | + | 1.86 |
| First Quantum | FM | 2401241 | 75.70 | – | 4.30 |
| Teck Comin B | TCKB | 11369042 | 42.58 | – | 2.42 |
| Anvil Mining | AVM | 1264102 | 16.05 | – | 1.40 |
| Ivanhoe Mines | IVN | 8443319 | 10.51 | – | 1.34 |
| Cameco Corp | CCO | 7758826 | 41.40 | – | 1.25 |
| Boliden AB | BLS | 12036 | 20.79 | – | 1.16 |
| Quadra Mng | QUA | 2707888 | 15.82 | – | 1.10 |
| Altius Mnrls | ALS | 503433 | 18.15 | – | 1.10 |
| Potash Cp Sask | POT | 4483256 | 92.50 | – | 1.08 |
| Aurora Energy | AXU | 328389 | 10.90 | – | 1.08 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
| Northern Orion | NNO | 57314 | 6.43 | 5.02 | 6.12 | + | 1.07 |
| Yamana Gold | YRI | 56457 | 13.25 | 11.81 | 11.94 | + | 0.25 |
| Breakwater Res | BWR | 38265 | 2.88 | 2.34 | 2.41 | – | 0.36 |
| Kinross Gold | K | 31570 | 14.28 | 12.92 | 14.02 | + | 1.10 |
| Eldorado Gold | ELD | 31212 | 5.88 | 5.25 | 5.71 | 0.50 | |
| Barrick Gold | ABX | 24582 | 39.31 | 34.32 | 38.96 | + | 4.63 |
| Goldcorp | G | 23279 | 27.82 | 25.01 | 27.27 | + | 2.34 |
| Equinox Minls | EQN | 19803 | 3.70 | 3.47 | 3.67 | + | 0.15 |
| Timminco | TIM | 15940 | 10.27 | 6.50 | 10.27 | + | 3.29 |
| IAMGold Corp | IMG | 15908 | 8.45 | 7.04 | 7.95 | + | 0.92 |
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