The TSX was up 29.51 points to 12,878.18 over the Dec. 5-11 trading session, with the financial sector, aided by the Bank of Canada’s decision to leave its benchmark interest rate unchanged at 4.25%, leading the charge.
With a fall in the price of gold, the gold index trended downward; the gold miners were off 12.59 points to 333.11 as gold retreated US$19.25 to US$626.75.
The diversified miners fared better, if only slightly, rising just 14.28 points to 660.42, as advances in the prices of nickel, lead and palladium offset minor pullbacks in silver, copper, aluminum and zinc.
Gold miners were the most actively traded companies on the exchange, as Campbell Resources — with gold and gold copper properties in Quebec — led all miners with over 26 million shares traded. However, the Montreal-based company was also the largest loser by percentage, as its shares fell roughly 19% to 10 on no news.
Bema Gold and Goldcorp rounded out the top three with roughly 24 million and 21 million shares traded, respectively. Bema was off 14 at $6.16, while Goldcorp fell $1.76 to $33.79.
Golden Queen Mining was the largest gainer by percentage for the period. The Vancouver-based company is proposing to develop a gold and silver open-pit mine at its Soledad Mountain property in southern California. Its shares gained nearly 30%, closing the trading period at $1.05.
Tenke Mining climbed nearly 18% to $8.10 over the session after announcing that Phelps Dodge had agreed to fund the first phase of construction at the massive Tenke Fungurume copper and cobalt project in the Democratic Republic of the Congo. Phelps will be the operator with just over 57% of the project, while Tenke holds close to 25%. The project is slated to begin production in late 2008 or early 2009, churning out roughly 250 million lbs. copper and 18 million lbs. cobalt over the first 10 years.
Globex Mining’s Nov. 28 announcement regarding the Fabie Bay and Magusi River copper, zinc, gold, silver deposits continued to resonate well with the markets. The company’s shares gained 16% over the period, closing at $7.25. Globex recently reported that metallurgical testing of drill core from Fabie Bay yielded 93% copper recoveries in a plus 24% copper concentrate. A power line for the project is also nearly complete. Globex has a 2% net metal royalty and 10% net profit royalty in the property, which is operated by First Metals. First Metals’ shares were flat at $1.03 on the week.
Shares of Vancouver-based Endeavour Silver continued to slide due to delays at its Guanacevi Mines project in Durango state, Mexico. The company lost over 14% during the session, closing at $4.31 on news that it was terminating the local mining contractor that had been in charge of construction at the project.
TSX greatest percentage change
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| HMZ Metals wt | HMZ.WT | 642 | 0.025 | 0.015 | 0.015 | +50.0 |
| Frontera Cp wt | FCC.WT | 637 | 2.50 | 1.85 | 2.45 | +29.6 |
| Golden Queen | GQM | 584 | 1.08 | 0.80 | 1.05 | +29.6 |
| Nevsun Res Wt | NSU.WT | 128 | 1.10 | 0.85 | 1.10 | +22.2 |
| Capital Gold | CGC | 367 | 0.43 | 0.36 | 0.43 | +19.4 |
| Blue Pearl wt | BLE.WT | 180 | 9.12 | 7.75 | 9.05 | +18.9 |
| Tenke Mining | TNK | 2480 | 18.10 | 15.25 | 18.10 | +17.9 |
| Globex Mng | GMX | 123 | 7.30 | 6.49 | 7.25 | +16.0 |
| Blue Pearl Mng | BLE | 4850 | 9.87 | 8.45 | 9.77 | +15.4 |
| Eastern Pla wt | ELR.WT | 15 | 0.75 | 0.70 | 0.75 | +15.3 |
| Ascendant C wt | ACX.WT | 89 | 0.185 | 0.15 | 0.15 | -25.0 |
| Golden Str wtA | GSC.WT.A | 79 | 0.26 | 0.21 | 0.225 | -19.6 |
| Campbell Res | CCH | 26464 | 0.13 | 0.10 | 0.105 | -19.2 |
| Armistice Res | AZ | 103 | 0.63 | 0.50 | 0.51 | -19.0 |
| Global Alumina | GLA.U | 898 | 1.07 | 0.85 | 0.88 | -16.1 |
| Freegold Vent | ITF | 368 | 0.58 | 0.46 | 0.48 | -15.7 |
| Corriente Res | CTQ | 2057 | 5.45 | 4.38 | 4.52 | -15.6 |
| Ascendant Copp | ACX | 26 | 0.73 | 0.73 | 0.73 | -15.1 |
| Endeavr Silver | EDR | 955 | 5.09 | 4.31 | 4.32 | -14.6 |
| Moydow Mns Int | MOY | 86 | 0.20 | 0.18 | 0.18 | -14.2 |
TSX greatest value change
| VOLUME | CLOSE | CHANGE | ||
| Labdr I-Ore Ro | LIF.UN | 455713 | 27.72 | +3.10 |
| Fording C C T | FDG.UN | 2979816 | 26.78 | +2.99 |
| Tenke Mining | TNK | 2480236 | 18.10 | +2.75 |
| First Quantum | FM | 2691578 | 66.36 | +2.16 |
| Denison Mn wt | DEN.WT | 13950 | 17.70 | +1.98 |
| Major Drilling | MDI | 279381 | 25.40 | +1.96 |
| Denison Mines | DEN | 984624 | 31.25 | +1.90 |
| Blue Pearl wt | BLE.WT | 179860 | 9.05 | +1.44 |
| Silvercorp Mtl | SVM | 1134074 | 18.39 | +1.39 |
| Blue Pearl Mng | BLE | 4850174 | 9.77 | +1.31 |
| Potash Cp Sask | POT | 1149523 | 161.00 | -3.01 |
| Agnico-Eagle | AEM | 5171011 | 48.71 | -2.65 |
| Goldcorp | G | 21152981 | 33.79 | -1.76 |
| Agnico-Eag wt* | AEM.WT.U | 23304 | 24.80 | -1.71 |
| ISh COMEX G Tr | IGT | 25580 | 71.95 | -1.36 |
| Meridian Gold | MNG | 1390491 | 34.18 | -1.07 |
| HudBay Minls | HBM | 10109263 | 21.44 | -1.06 |
| Guyana Gldflds | GUY | 573397 | 10.52 | -0.99 |
| Barrick Gold | ABX | 9640565 | 34.91 | -0.98 |
| Vista Gold | VGZ | 87790 | 10.35 | -0.85 |
TSX most active issues
| VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Campbell Res | CCH | 26464 | 0.13 | 0.10 | 0.105 | -0.025 |
| Bema Gold | BGO | 24641 | 6.33 | 6.04 | 6.16 | -0.14 |
| Goldcorp | G | 21153 | 35.85 | 33.33 | 33.79 | -1.76 |
| Eastern Platin | ELR | 21003 | 1.44 | 1.22 | 1.28 | -0.08 |
| Kinross Gold | K | 20685 | 14.67 | 13.94 | 14.29 | -0.21 |
| Breakwater Res | BWR | 19166 | 2.05 | 1.87 | 1.95 | -0.06 |
| Eldorado Gold | ELD | 16833 | 7.01 | 6.53 | 6.62 | -0.35 |
| Paladin Res | PDN | 15547 | 6.84 | 6.10 | 6.40 | -0.13 |
| Coalcorp Mng | CCJ | 11370 | 0.52 | 0.48 | 0.50 | 0.00 |
| Yamana Gold | YRI | 11212 | 15.70 | 14.39 | 14.80 | -0.68 |
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