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TABLE OF CONTENTS Mar 24 - 30, 2014 Volume 100 Number 6 - 0 comments

Global uncertainty weighs on TSX, March 10-14

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2014-03-19

China’s first corporate bond default and fears of a slowdown in the Chinese economy and concern over the crisis in the Ukraine ahead of a referendum in Crimea combined to send the S&P/TSX Composite Index down 0.50% to 14,227.66 and the S&P/TSX Capped Diversified Metals & Mining Index down 7.92% to 762.60. The global uncertainties pushed the gold price up 3% to end the week at US$1,382 per oz.

Carpathian Gold was the most actively traded of the week with 30.7 million shares changing hands. Carpathian’s shares fell from 6¢ to 3¢ after the company announced that it could not file its audited financial statements for the year ended Dec. 31, 2013, because it had “identified possible irregularities associated with a third-party service provider that formerly provided services to the company’s Brazilian operations.” Carpathian said it needed more time to investigate the irregularities before it could audit its financial statements. Carpathian also announced that delays in starting up its Riacho dos Machados gold mine in Brazil and the resultant delays in cash flow had increased the company’s debt to Macquarie Bank to US$141.2 million, and that management “continues to pursue strategic initiatives” that include “various potential restructuring alternatives and the potential sale of the corporation or some of its assets.” The company also informed shareholders that it is recommissioning the processing plant at Riacho dos Machados, after its provisional operating licence was reinstated in February. 

B2Gold was the second most actively traded stock of the week with 23.1 million shares changing hands. The company ended the week 14¢ higher at $3.43 per share. Fourth-quarter results released March 14 showed net income of US$26.2 million, or 4¢ per share, and record quarterly production of 105,577 oz. gold, in a 138% increase over the fourth quarter of 2012. Consolidated cash-operating costs came in at US$638 per oz. gold. The company ended 2013 with US$252.7 million in cash and equivalents. B2Gold also released results of a preliminary economic assessment on its 49%-owned Gramalote project in Colombia. Despite a positive net present value and internal rate of return, B2Gold said that it would not move forward on a feasibility study for the large capital project at current gold prices. AngloGold Ashanti holds the remaining 51% stake in the project.  

Goldcorp was the fourth most actively traded with 13.6 million shares changing hands, and its shares finished the week $2.26 higher at $31.84 per share. The company announced at the beginning of the week that it was extending its offer to acquire Osisko Mining until March 21. Goldcorp offered 0.146 of a share and $2.26 in cash for each Osisko share, but the junior has recommended that its shareholders reject the offer.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Carpathian Gld CPN 30710 0.06 0.03 0.03 - 0.03
B2Gold BTO 23112 3.69 3.24 3.43 + 0.14
Capstone Mng CS 19912 2.73 2.48 2.52 - 0.17
Goldcorp G 13612 32.46 29.48 31.84 + 2.26
Detour Gold DGC 13409 12.5 9.84 12.15 + 2.28
Kinross Gold K 13368 5.88 5.38 5.75 + 0.3
Barrick Gold ABX 10340 23.4 21.91 23.19 + 1.29
Eastern Platin ELR 10162 0.09 0.08 0.08 - 0.01
Semafo SMF 9754 4.77 4.25 4.71 + 0.38
Iamgold IMG 9341 4.82 4.1 4.63 + 0.45

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Shore Gold SGF 3868 0.45 0.23 0.33 + 35.4
TVI Pacific TVI 603 0.02 0.02 0.02 + 33.3
Sandstorm Gold SSL 3502 7.77 5.75 7.43 + 29.4
Crocodile Gold CRK 5536 0.35 0.26 0.33 + 26.9
Lachlan Star LSA 1356 0.35 0.26 0.31 + 26.5
Detour Gold DGC 13409 12.5 9.84 12.15 + 23.1
Western Potash WPX 3586 0.57 0.43 0.53 + 21.8
McEwen Mng MUX 1258 4.13 3.29 3.93 + 20.9
Allied Nevada ANV 1660 7.42 5.96 7.11 + 20.9
Globex Mng GMX 215 0.35 0.3 0.35 + 20.6
Carpathian Gld CPN 30710 0.06 0.03 0.03 - 45.4
Minemakers MAK 92 0.13 0.02 0.12 - 20.6
Talon Metals TLO 84 0.35 0.28 0.28 - 20
Mediterrn Res MNR 611 0.05 0.04 0.04 - 20
Verde Potash NPK 1066 2 1.36 1.44 - 17.2
Nuinsco Res NWI 972 0.03 0.03 0.03 - 16.6
Evolving Gold EVG 3736 0.03 0.03 0.03 - 16.6
First Point FPX 227 0.14 0.11 0.11 - 15.3
NGEx Res NGQ 131 1.82 1.42 1.52 - 14.4
Turquoise Hill TRQ 6890 4.43 3.68 3.78 - 13.7

TSX greatest value change


Company Symbol Change Close Change
Franco-Nevada FNV 1596998 58.43 + 3.46
Royal Gold RGL 45535 79.02 + 3.24
Agnico-Eagle AEM 3906249 38.41 + 2.59
Detour Gold DGC 13408620 12.15 + 2.28
Goldcorp G 13611525 31.84 + 2.26
Sandstorm Gold SSL 3502030 7.43 + 1.69
Silver Wheaton SLW 4109378 29.63 + 1.65
Tahoe Res THO 1273241 26.84 + 1.63
Horizns G Bull HGU 3705456 12.26 + 1.48
Primero Mng P 7067483 8.65 + 1.36
Agrium AGU 1627889 103.85 - 3.12
Horizns G Bear HGD 2217446 10.98 - 1.6
Energy Fuels EFR 629071 11.07 - 1.25
Teck Res A TCKA 16847 24.5 - 1.09
Teck Res B TCKB 8095608 22.86 - 0.94
Potash Cp Sask POT 4899965 37.71 - 0.84
First Quantum FM 7058744 18.77 - 0.81
Cameco Corp CCO 5781582 26.47 - 0.79
Turquoise Hill TRQ 6890264 3.78 - 0.6
Altius Mnrls ALS 241833 13.4 - 0.58

 

 



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