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TABLE OF CONTENTS Jul 21 - 27, 2014 Volume 100 Number 23 - 0 comments

Job losses drive down TSX, July 7-11

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2014-07-16

Poor jobs data showing that Canada lost 9,400 jobs in June, sending the unemployment rate up to 7.1% from 7% in May, put pressure on the Canadian dollar and the S&P/TSX Composite Index. The dollar ended the week at $1.0734 to the greenback, or US93.16¢, while the S&P/TSX Composite Index fell 89.46 points or 0.59% to 15,125.50. On the bright side, shares of many gold miners rallied. The S&P/TSX Global Gold Index rose 9.25 points, or 4.75% to 203.92, while the S&P/TSX Capped Diversified Metals & Mining Index advanced 22.42 points, or 2.48% to 926.18. 

Shares of Royal Gold surged $3.67 to $84.10 — the largest gain of the week. The royalty and streaming company reported that it received about 21,900 oz. gold for the quarter ended June 30 from Thompson Creek’s Mt. Milligan mine. Royal Gold said it sold 14,400 oz. gold from Thompson Creek in the three months ended June 30, and that it had 7,800 oz. gold left in inventory. Royal Gold received physical metal within two days of Thompson Creek recording the sale, and sold most of the delivered gold within three weeks of receipt. 

Agnico Eagle Mines advanced $2.87 to $43.86 per share. The company announced it exercised 19.8 million warrants of Pershimco Resources that it acquired under a private placement earlier this year. Agnico Eagle now holds 39.6 million common shares of Pershimco, or 17.8% of its issued and outstanding common shares. On July 8, Pershimco reported results from a prefeasibility study of its Cerro Quemo gold project in Panama, which outlined a low-cost, open-pit operation generating an average of 78,500 oz. gold a year over five years, with production starting in late 2016.

First Quantum Minerals reported on July 9 that it resumed construction activity at its Cobre Panama project on July 5 after resolving a dispute with the union over a new work roster. The company temporarily halted construction at the large open-pit copper development project in Panama on June 26 due to an illegal work stoppage by some construction workers. The workers were protesting working for 21 days with seven days off, compared with the earlier schedule of 12 days of work with two days off. First Quantum’s shares increased $1.21 to $26.25.

Endeavour Silver, which owns the Guanacevi, Bolanitos and El Cubo silver–gold mines in Mexico, saw its shares advance 84¢ to $6.66 on the back of strong silver production in the second quarter. The company produced 1.67 million oz. silver in the second quarter for a year-on-year jump of 9%. Gold production, however, decreased 24% year-on-year to 15,136 oz., largely due to overproduction at its Bolanitos mine in 2013. On the exploration front the company has 12 drill rigs working at the three mines, in addition to its silver–gold discovery on the San Sebastian property.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
B2Gold BTO 23353 3.17 2.93 3.09 + 0.06
Orbite Alumnae ORT 21528 0.7 0.51 0.59 - 0.01
Yamana Gold YRI 15653 9.2 8.55 9.06 + 0.27
Lundin Mng LUN 15535 6.38 6.04 6.27 + 0.09
Barrick Gold ABX 15368 20.78 19.21 20.71 + 1.42
Stornoway Diam SWY 14710 0.73 0.64 0.72 + 0.04
Eastern Platin ELR 13411 0.12 0.11 0.12 + 0.01
Kinross Gold K 12712 4.78 4.42 4.68 + 0.24
Sherritt Intl S 12584 4.83 4.56 4.67 + 0.02
Torex Gold TXG 11932 1.7 1.58 1.66 + 0.04

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Loncor Res LN 106 0.18 0.14 0.18 + 89.4
Liberty Silver LSL 229 0.1 0.09 0.09 + 50
Candente Gold CDG 535 0.06 0.04 0.06 + 37.5
Polar Star Mng PSR 53 0.08 0.06 0.08 + 33.3
Rockwell Diam RDI 228 0.43 0.33 0.41 + 32.2
Chieftain Mtls CFB 27 0.2 0.15 0.19 + 31
Redhawk Res RDK 441 0.21 0.17 0.21 + 28.1
Perseus Mng PRU 3737 0.57 0.45 0.57 + 28
Niocan Inc NIO 42 0.28 0.2 0.23 + 27.7
Great Panther GPR 1523 1.6 1.25 1.59 + 26.1
Marengo Mng MRN 735 0.01 0.01 0.01 - 33.3
Evolving Gold EVG 864 0.02 0.01 0.01 - 33.3
Banro BAA 7935 0.51 0.35 0.36 - 28
Nuinsco Res NWI 539 0.03 0.02 0.02 - 20
Geovic Mng GMC 734 0.03 0.02 0.02 - 20
Quest Rare Mnl QRM 3647 0.35 0.25 0.26 - 17.4
Ram Power RPG 4968 0.03 0.02 0.03 - 16.6
Geologix  Ex GIX 1212 0.09 0.07 0.08 - 15.7
Stockport Expl SPT 318 0.07 0.06 0.06 - 14.2
Wallbridge Mng WM 222 0.11 0.09 0.1 - 13.6

TSX greatest value change


Company Symbol Change Close Change
Royal Gold RGL 24084 84.1 + 3.67
Agnico-Eagle AEM 5541260 43.86 + 2.87
Franco-Nevada FNV 3188870 62.53 + 2.53
Barrick Gold ABX 15368177 20.71 + 1.42
First Quantum FM 10939030 26.25 + 1.21
Goldcorp G 9837248 30.52 + 1.19
Silver Wheaton SLW 8483421 29.28 + 1.09
Tahoe Res THO 1432310 29.04 + 1.02
Horizns G Bull HGU 5005110 10.88 + 0.88
Endeavr Silver EDR 2015869 6.66 + 0.84
Agrium AGU 2329714 94.81 - 2.51
Potash Cp Sask POT 6759437 38.34 - 1.52
Horizns G Bear HGD 3273142 11.09 - 1.11
Russell Metals RUS 707056 34.47 - 1.04
Labdr I-Ore Ro LIF 808728 29.81 - 0.99
Cameco Corp CCO 4887608 20.42 - 0.78
Energy Fuels EFR 183041 7.7 - 0.72
Detour Gold DGC 6961470 14.35 - 0.51
North Am En Pa NOA 530862 8.15 - 0.45
Altius Mnrls ALS 106060 12.46 - 0.4


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