After three straight weeks of gains for Canada’s benchmark index, the S&P/TSX Composite Index slipped 0.10% to 15,094.25, while the S&P/TSX Capped Diversified Metals & Mining Index fell 1.50% to 835.51 and the S&P/TSX Global Gold Index dropped 0.45% to 192.98. The Canadian dollar rose 0.9% against the U.S. dollar, closing at $1.0693 to the greenback, or US93.80¢.
For the second week in a row B2Gold shares were the most active, falling 3¢ to $3.04 per share, with 21.04 million shares changing hands. On June 25 the company reported that an altercation between two employees of a security contractor at its Masbate mine in the Philippines had ended in the shooting death of one of the men.
First Quantum Minerals temporarily halted activity at its Cobre Panama project in Panama due to an illegal work stoppage by some members of its construction workforce that were unhappy with a new work schedule. The new work roster changed the schedule from 12 days of work with two days off to 21 days of work with seven days off. Shares of First Quantum advanced 79¢ to $22.52.
Eldorado Gold shares climbed 48¢ to $8.08 after Turkey’s Ministry of Environment and Urbanization approved an environmental-impact assessment on June 26 that would see expanded throughput at its Kisladag open-pit gold mine from the current 12.5 million tonnes per year to a maximum of 35 million tonnes per year. Eldorado says it plans to update potential expansion alternatives — along with its second-quarter operating and financial results — on July 31.
Turquoise Hill Resources was down 58¢ to $3.51 per share after the company announced on June 23 that it received an audit report from the Mongolian Tax Authority claiming unpaid taxes, penalties and disallowed entitlements associated with the initial development of the Oyu Tolgoi copper-gold mine. The company disagreed with the claims in the audit report and filed a notice of dispute with the Mongolian government on June 25.
Shares of Yamana Gold dropped 56¢ to $8.59 after the company announced the pricing of US$500 million in 10-year unsecured senior notes. The 4.95% senior notes are due July 15, 2024. The net proceeds will be used to repay Yamana’s US$500-million unsecured senior term loan due June 2016.
EMC Metals lost 4¢ to end the trading week at 10¢ per share. The junior completed the first tranche of a private placement of 10.4 million common shares at 8.5¢ per share. The $885,000 in proceeds will be used for general working capital and to advance the company’s Nyngan scandium project in Australia.
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