TSE builds up after profit-taking
Investors took profits after the Bank of Canada cut its principal lending rate on Nov. 27, leaving the Toronto Stock Exchange playing catch-up for the report period Nov. 28-Dec. 4.The TSE 300 composit…
2001
Lonmin buys back shares
London-listed mining house Lonmin, unable to find an attractive acquisition in the platinum business, has decided to distribute some of its large cash reserve to shareholders in a buy-back.Shareholder…
Alcoa breaks off WMC bid
Aluminum giant Alcoa (AA-N), rebuffed in a takeover bid for diversified Australian miner WMC (WMC-N), says it will “turn its attention to other growth initiatives elsewhere.”Frustrated by WMC’s propos…
Summo, Matrix seek cash for Mt. Watson prospect
Low metal prices continue to hold back copper-oxide specialist Summo Minerals (SMA-T), which expects to rely on debt financing to keep its portfolio of development properties going.Summo’s only produc…
Sultan cuts more bonanza grades (December 10, 2001)
Vancouver — Results from 18 drill holes indicate that the Gold Mountain zone near Nelson, B.C., is higher in grade and smaller than expected. The target is part of the Kena property of Sultan Mineral…
The Northern Miner — North American Mining Index (December 10, 2001)
66.88 (-0.18)(Sept. 30/98 = 100)…
The Northern Miner — Small Producers Index (December 10, 2001)
46.29 (+1.11)(Sept. 30/98 = 100)…
Spot Prices Wed. December 5, 2001
Precious MetalsPrice (US$/oz.)ChangeGold$275.75+$1.15Silver$ 4.15+$0.06Platinum…
Noranda to idle Gasp copper smelter
Doing its bit to shore up copper prices, Noranda (NRD-T) will suspend production at the Gasp smelter in Quebec for at least six months, starting in May.Since January, copper has lost about 16% of its…
Alcoa proposes Labrador smelter
The Newfoundland government spent the Nov. 28-Dec. 4 report period assessing an Alcoa feasibility study into the possibility of reviving the stalled Lower Churchill hydroelectric project in Labrador. …
Lending Rates (December 10, 2001)
% as of Dec. 3, 2001Bank of Canada2.50Canadian Prime4.00U.S. Discount1.50U.S. Prime5.00…
Gold Funds (December 10, 2001)
Gold Funds as of November 29, 2001Dundee Precious MetalsCentral FundNet Value$12.77$5.29Price$9.10$5.24…