After the previous sour trading week, the TSX Composite Index gained 160.97 points to close the Sept. 26-30 period at 11,623.84, despite rising concerns over the U.S. economy and the European debt crisis. However, that upward movement was not seen in the Global Gold Index, which slipped less than a point to 394.89 as the spot price for gold fell US$32.40 per oz. to US$1,624.80 in New York. The Capped Metals & Mining Index also dropped 32.2 points to 839.13.
After receiving a friendly $1.33-billion takeover bid from China’s state-owned Minmetals Resources, Anvil Mining was the week’s largest value gainer and the most traded stock. Minmetals is offering Anvil $8 in cash per share, which represents a 39% premium to its share price on Sept. 29, and a 30% premium to its 20-day volume weighted average price. The transaction still requires shareholder approval and is expected to close by Nov. 28, unless extended. On the news, Anvil’s shares jumped $1.58 or 25.9% to end at $7.66 on 25.7 million shares traded.
The week’s largest percentage gainer was EMC Metals, moving 40% to 14¢ on no news. The most recent news the speciality metals explorer released was on Sept. 13, saying it has secured an option to gain a 100% interest in the Nevada-based Mineral Exploration Services’ patented mining claim and past-producing scandium property, known as The Little Green Monster, near Fairfield, Utah.
TVI Pacific saw its shares move 25% to 5¢ after its Philippine operating affiliate sent out its 24th shipment of copper concentrate from its Canatuan mine on Sept. 26. The shipment contained 5,369 dry metric tonnes of concentrate grading 23.7% copper. TVI Pacific expects to receive profits of US$14.8 million from the consignment.
SilverCorp Metals gained $1.40 or 20.3% to close at $8.29 after making several important announcements in the previous week. On Sept. 19, the company posted an open letter to shareholders addressing the recent allegations that claim the company’s financial statements and resource deposits are overstated. SilverCorp says it is currently working with securities regulators and hired KPMG Forensics to investigate the allegations. On Sept. 22, the miner said it so far bought 4.4 million of its shares for $34.9 million. The next day it filed a lawsuit charging defendants Chinastockwatch.com, Jerry Katz, Alfredlittle.com, Alfred Little, Simon Moore, and numerous “John Doe” defendants for disseminating what it says is false information about the company. SilverCorp states the defendants did this to deflate the company’s share price, so that their short positions in SilverCorp would be more profitable.
On the negative side of the ledger, INV Metals fell 34.3% to 21¢ apiece. Investors were not impressed by the results from the company’s 2011 drill program at its Okohongo copper-silver deposit in Namibia. Though the company said it believed the drill program “modestly expanded” the project’s current inferred resource.
Be the first to comment on "TSX moves slightly up, Sept 26-30"