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The S&P/TSX Composite Index partook in a global rally spurred on by the prospect of more growth in China, and the index gained 153 points for the period to finish at 11,500.63. China cut interest rates for the first time in four years, which had investors speculating that more quantitative easing could be on the horizon for the U.S. as well.

But despite its gains the composite still lagged indices south of the border, largely because of poor performances from gold and gold miners. The S&P/TSX Global Gold Index was off 7 points to 321.17 as the yellow metal fell US$35 to US$1,591.40 per oz.

After weathering several dismal periods, the diversified miners bounced back somewhat and the S&P/TSX Capped Diversified Metals & Mining Index rose 33 points to 877.49. The slight gain came despite  weaker prices for copper, aluminum, nickel, lead and zinc. The price for tin, however, was higher.

First Uranium was the period’s big winner. Its share price climbed 124% to 19¢ as its assets and a rival bid for the company heated things up. The Toronto-based company said South African-based Kumvest has offered to buy 26% of its shares for $22 million, or 37¢ per share, to stop the company’s Ezulwini gold mine from being sold to Gold One International. Gold One has offered to pay $70 million for the asset, but Kumvest says it will only make its investment in First Uranium if shareholders reject the sale. Kumvest also wants to see new management and directors.

Ivanhoe Australia was the period’s biggest loser by percentage points as its share price fell by 49% to finish at 60¢. The drop comes as uncertainty about the company’s relationship with new majority-owner Rio Tinto grows, and management and directors fall by the wayside. The latest news had CEO Peter Reeve handing in his resignation. The turnover in the company’s upper echelon is connected to its need to secure funding and develop its copper-gold and molybdenum projects in Australia. Now it needs Rio Tinto’s approval on any such transactions. Rio owns 51% in Ivanhoe Mines, which in turn owns 59% of Ivanhoe Australia.

Stonegate Agricom saw its share price climb by 26% to 43¢ after it released assays from drill holes at its Upper Phosphate Zone (UPZ) at the Paris Hills Phosphate ­project in Idaho. The UPZ assay results returned grades ranging from 21% to 31.3% P2O5, and phosphate-bed thicknesses of 3 to 5 metres, which the company says demonstrate consistency in grade and thickness. The company expects to tally a National Instrument 43-101 compliant estimate on the zone in ­second-half 2012.

Golden Minerals received a lift a week after announcing it would sell its 1% net smelter royalty interest in the Platosa property to Excellon Resources for US$2.4 million. Golden Minerals is also looking to sell its land package in the Zacatecas mining district of Mexico. The company’s shares were up 40% to $5.46 for the period.

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