TSX Venture Exchange, Dec. 9-13

The S&P/TSX Venture Composite Index declined for a second straight week during the trading sessions, with a sell-off heading into the holiday season resulting in a 2.4%, or 22.18-point loss, en route to a 894.47-point close. Word on the U.S. Federal Reserve stimulus programs are set to influence markets, while China’s Communist party commented that the world’s second-largest economy will need reforms to elevate downward pressure.

Gold futures couldn’t generate much momentum, with February contracts for bullion rising US$10.29 during weekly trading before closing at US$1,238.10 per oz. The story is similar for crude oil, as February contracts for West Texas Intermediate closed out the trading period relatively flat at US$96.49 per barrel. Copper is a bright spot, with March contracts for the red metal rising 1.8%, or US6¢ during the week, en route to a US$3.31 per lb. close.

Copper junior Pacific Booker Minerals led the value-added category during the week after announcing that the B.C. Supreme Court had set aside a decision by the B.C. government to deny the company an environmental-assessment certificate (EAC) for its Morrison Lake copper–gold project, 65 km north of Smithers. Pacific Booker jumped $2.52 on 1 million shares traded during the week, before closing at $6.71 per share.

In October 2012 the B.C. government refused to issue the company an EAC, citing potentially negative effects on water quality and local salmon populations. In early April Pacific Booker filed a petition with the Supreme Court in an attempt to nullify the government’s decision.

On Dec. 11 the company announced it had succeeded, with Justice Kenneth Affleck stating that the previous permitting process “failed to comport with the requirements of procedural fairness.” The decision also indicates that “the company’s application for an environmental certificate be remitted to the current ministers for reconsideration.”

Silver producer Aurcana topped the value-lost category, as the company struggles with development delays at its Shafter mine in Presidio County, Texas. Aurcana dropped 14¢ on 2.1 million shares traded during weekly trading, en route to a $1.10-per-share close.

The company was hoping to fund Shafter’s development from cash flow at its La Negra mine, located 180 km north of Mexico City, but delays and rising costs are triggering doubts over the company’s capital position. During the third quarter Aurcana reported it had increased silver-equivalent production by 5% year-on-year to 754,800 oz. silver, at total cash costs of US$6.45 per oz.

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