Miners helped drag down the TSX composite index over the Jan. 19-25 trading period in a serious way. The TSX itself fell 3.3%, or 396.03 points, to 11,354.51 points while the Capped Metals and Mining index plunged 8.2%, or 93.34 points, to 1,044.96 and the Global Gold index dropped 6%, or 19.96 points to close at 314.77 points.
Contributing to the drop was the concern that surging growth in China may prompt the Peoples Bank of China to take measures to cool it down, thus limiting the country’s consumption of commodities.
The most actively traded mining stocks in Toronto were precious metals and energy companies, and most were down over the period. Eastern Platinum was the most actively traded stock by a long shot with 89.7 million shares changing hands to ultimately push the stock down 17¢ to $1.25.
First Uranium shares were the second most actively traded with 25.6 million shares traded as the stock fell 71¢ to $1.85. The company’s tailings permit for its MWS tailings recovery project in South Africa was withdrawn by the local government’s environmental authority.
The decision was unexpected and the company is seeking clarification on the decision before undertaking any action.
Seabridge Gold rose the most over the period by dollar value. Seabridge shares climbed $2.01 apiece to close at $28.80.
Earlier this month, the company announced a major resource boost for the Mitchell zone at its KSM property near Stewart, B.C. Measured and indicated resources stand at 33.7 million oz. gold and 6.5 million lbs. copper contained in 2.1 billion tonnes grading 0.57 gram gold per tonne and 0.17% copper.
Imperial Metals shares rose $1.55 to $16 apiece following a ruling by the Supreme Court of Canada regarding the company’s environmental permits.
The court ruled that the company would not need to repeat the environmental assessment process for its Red Chris copper gold project 80 km south of Dease Lake, B.C. A 2005 feasibility supported a 30,000-tonne-per-day operation over 25 years.
Inmet Mining was the top loser by value over the period, with shares sinking $12.66 to $57.01. The company is unable to reach commercial production at its Las Cruces project -in the fourth quarter the company produced only 3,300 tonnes of copper cathode compared to its estimate of 8,700 tonnes.
Inmet said the leach thickener’s corrosion protection failed, causing the drive mechanism to fail completely in October.
The company has since worked on improving the filtration and conveyor operation.
Heavy rain slowed down throughput in December by forcing the company to use the water treatment plant to reduce critically high water levels in the process ponds.
| TSX most active issues | |||||
| VOLUME | WEEK | ||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | |
| Eastern Platin ELR | 89692 | 1.50 | 1.13 | 1.25 | -0.17 |
| First Uranium FIU | 25622 | 2.66 | 1.79 | 1.85 | -0.71 |
| Yamana Gold YRI | 24454 | 12.12 | 11.15 | 11.15 | -0.90 |
| Breakwater Res BWR | 23556 | 0.51 | 0.41 | 0.44 | -0.03 |
| Barrick Gold ABX | 22786 | 40.94 | 38.07 | 38.07 | -2.25 |
| Eldorado Gold ELD | 22740 | 15.19 | 13.56 | 13.67 | -1.35 |
| Western C Coal WTN | 22399 | 4.04 | 3.31 | 3.46 | -0.39 |
| Uranium One UUU | 22044 | 3.55 | 3.30 | 3.39 | + 0.01 |
| Homeland Enrgy HEG | 17844 | 0.11 | 0.10 | 0.10 | -0.01 |
| IAMGold Corp IMG | 17022 | 17.26 | 14.54 | 14.90 | -2.35 |
| TSX greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Tanz Roy Exp | TNX | 842 | 5.15 | 4.03 | 4.97 | + 23.0 |
| Polaris Minls | PLS | 180 | 2.25 | 1.85 | 2.18 | + 21.7 |
| Delta Uran | DUR | 487 | 0.07 | 0.06 | 0.06 | + 20.0 |
| DynacorGoldM | DNG | 212 | 0.22 | 0.17 | 0.22 | + 15.7 |
| Horizns G Bear | HGD | 11619 | 5.19 | 4.46 | 5.12 | + 13.0 |
| Corona Gold | CRG | 123 | 0.47 | 0.40 | 0.47 | + 11.9 |
| Khan Res | KRI | 1927 | 0.83 | 0.64 | 0.78 | + 11.4 |
| Adanac Moly | AUA | 2599 | 0.10 | 0.09 | 0.10 | + 11.1 |
| Imperial Metal | III | 1028 | 16.93 | 14.70 | 16.00 | + 10.7 |
| Linear Metals | LRM | 857 | 0.28 | 0.25 | 0.26 | + 8.3 |
| Copper Mesa | CUX | 13397 | 0.07 | 0.03 | 0.03 | -57.1 |
| First Uranium | FIU | 25622 | 2.66 | 1.79 | 1.85 | -27.7 |
| Contl Precious | CZQ | 2698 | 1.32 | 0.94 | 1.00 | -25.9 |
| Mundoro Cap | MUN | 290 | 1.26 | 0.95 | 0.95 | -24.6 |
| Pure Nickel | NIC | 557 | 0.17 | 0.13 | 0.13 | -23.5 |
| Coalcorp Mng | CCJ | 5282 | 0.19 | 0.14 | 0.15 | -21.0 |
| Jaguar Mng | JAG | 3600 | 13.28 | 10.53 | 11.00 | -18.4 |
| Detour Gold | DGC | 3385 | 18.12 | 14.78 | 14.84 | -18.2 |
| Inmet Mining | IMN | 3131 | 71.02 | 55.51 | 57.01 | -18.1 |
| Golden Peaks | GL | 75 | 0.95 | 0.74 | 0.78 | -17.8 |
| TSX greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Seabridge Gold | SEA | 296157 | 28.80 | + 2.01 |
| Imperial Metal | III | 1027738 | 16.00 | + 1.55 |
| Tanz Roy Exp | TNX | 842123 | 4.97 | + 0.93 |
| HoriznsGBear | HGD | 11619136 | 5.12 | + 0.59 |
| Polaris Minls | PLS | 179880 | 2.18 | + 0.39 |
| FNX Mining | FNX | 12786388 | 12.89 | + 0.20 |
| Far West Mng | FWM | 206297 | 4.10 | + 0.16 |
| Mantra Res | MRL | 577800 | 5.05 | + 0.12 |
| Intl Minls Crp | IMZ | 343293 | 4.37 | + 0.12 |
| Copper Mtn Mng | CUM | 3492592 | 2.48 | + 0.11 |
| Inmet Mining | IMN | 3130830 | 57.01 | -12.66 |
| First Quantum | FM | 2865871 | 88.30 | -11.49 |
| Silver Std Res | SSO | 864244 | 19.95 | -4.20 |
| Agrium | AGU | 4631465 | 62.38 | -3.41 |
| Detour Gold | DGC | 3384551 | 14.84 | -3.31 |
| PotashCpSask | POT | 4510833 | 116.13 | -3.07 |
| Coeur d Alene | CDM | 125900 | 16.65 | -2.71 |
| Agnico-Eagle | AEM | 4844675 | 56.10 | -2.70 |
| Goldcorp | G | 16673398 | 38.26 | -2.65 |
| Franco-Nevada | FNV | 2369870 | 27.43 | -2.58 |
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