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TABLE OF CONTENTS Mar 17 - 23, 2014 Volume 100 Number 5 - 0 comments

TSX posts gains, Mar. 3-7

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2014-03-12

Disappointing jobs data in Canada showing that the economy shed 7,000 jobs in February — leaving the country’s unemployment rate unchanged at 7% — were offset by news of stronger employment numbers in the U.S. The S&P/TSX Composite Index climbed 89.49 points, or 0.63%, to 14,299.08, while the S&P/TSX Capped Diversified Metals & Mining Index fell 6.99 points, or 0.84%, to 828.15. The spot price for gold advanced US$10.90 to finish the trading week at US$1,339.50 per oz.

Kinross Gold was the most traded stock of the week, with 21.8 million shares changing hands. The company announced mid-week that it had suspended operations at its Maricunga mine in Chile after unionized workers went on strike. Management and the employees have yet to agree on a new collective agreement. Kinross shares fell 35¢ to $5.43 apiece.

Osisko Mining was the second most active stock, with 21.2 million shares traded after the company dropped a lawsuit against Goldcorp regarding the gold miner’s hostile takeover bid. Under the settlement, Goldcorp said it would not take up Osisko shares tendered under its hostile offer until April 15, and Osisko has agreed to waive its shareholder-rights plan before April 14 and give Goldcorp access to due diligence materials by April 1. Osisko has recommended that its shareholders reject the offer, which it says is opportunistic and inadequate. Goldcorp has offered 0.146 of a share and $2.26 in cash for each Osisko share. Some observers believe that Osisko’s decision to drop the lawsuit raises the possibility of a friendly deal between the two companies. Osisko shares advanced 43¢ to $7.48, while Goldcorp’s shares rose 20¢ to $29.97.

Shares of Mediterranean Resources jumped 100% to 5¢ each after the junior announced that it has “received an approach” from a consortium led by its Turkish partners, the Kaya family, “with a view” to increase their participation in either the company’s 96%-held Turkish subsidiary or in the parent company itself. The junior is developing its 100%-owned Red Mountain (Kizildag) project in northeastern Turkey, which consists of the gold–copper Tac deposit and the gold–zinc–lead Corak deposit.

Rumours in recent weeks that Rio Tinto might be considering a bid for Turquoise Hill Resources drove the company’s shares up 29¢ to $4.52. The U.K. mining giant already owns 50.8% of Turquoise Hill, which holds a 66% ownership stake in the massive Oyu Tolgoi copper–gold mine in Mongolia. Entrepreneur Robert Friedland holds a 3% interest in Turquoise Hill.

Potash Corp. of Saskatchewan advanced $1.88 to $38.48. The crop-nutrient giant announced that it has priced a US$750-million offering of 10-year notes at 3.625% due March 15. The company said it would use the funds for general corporate purposes.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Kinross Gold K 21756 5.99 5.39 5.43 - 0.35
Osisko Mng OSK 21195 7.73 7.25 7.48 + 0.43
Carpathian Gld CPN 19723 0.07 0.06 0.06   0
Mega Uranium MGA 17215 0.42 0.24 0.3 + 0.06
B2Gold BTO 15939 3.47 3.17 3.34 + 0.14
Barrick Gold ABX 14707 23.3 21.85 22.08 - 0.48
Goldcorp G 14518 30.84 29.67 29.97 + 0.2
Primero Mng P 14464 7.79 6.93 7.44 + 0.26
Endeavour Mng EDV 10104 0.97 0.79 0.93 + 0.13
Turquoise Hill TRQ 10045 4.82 4.02 4.52 + 0.29

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Mediterrn Res MNR 839 0.05 0.03 0.05 + 100
PC Gold PKL 1306 0.09 0.04 0.09 + 88.8
Verde Potash NPK 1345 1.48 0.93 1.48 + 54.1
Goldgroup Mng GGA 745 0.31 0.2 0.31 + 51.2
Rio Novo Gold RN 538 0.19 0.12 0.17 + 41.6
Zincore Mtls ZNC 440 0.14 0.1 0.14 + 40
Geovic Mng GMC 30 0.06 0.05 0.06 + 37.5
Bannerman Res BAN 1235 0.12 0.09 0.11 + 37.5
Elgin Mng ELG 5010 0.35 0.23 0.3 + 34
Marengo Mng MRN 892 0.02 0.02 0.02 + 33.3
Delrand Res DRN 106 0.12 0.1 0.1 - 34.4
Evolving Gold EVG 1730 0.05 0.03 0.03 - 25
Macarthur Mnl MMS 24 0.23 0.17 0.17 - 22.7
Canarc Res CCM 275 0.12 0.09 0.09 - 21.7
Western Lithiu WLC 5456 0.7 0.53 0.59 - 21.3
Powertech Uran PWE 6174 0.11 0.08 0.08 - 20
American Bonan BZA 356 0.03 0.02 0.02 - 20
Loncor Res LN 827 0.27 0.19 0.2 - 20
Carlisle Goldf CGJ 2845 0.08 0.06 0.07 - 18.7
Forbes & Man C FMC 26 0.13 0.13 0.13 - 18.7

TSX greatest value change


Company Symbol Change Close Change
Agrium AGU 2434681 106.42 + 4.43
Potash Cp Sask POT 7882918 38.48 + 1.88
Labdr I-Ore Ro LIF 730764 32.93 + 0.75
Silver Std Res SSO 1501750 12.12 + 0.71
Energy Fuels EFR 524790 12.57 + 0.67
Major Drilling MDI 2159019 9.5 + 0.64
Centerra Gold CG 2649229 5.51 + 0.59
Verde Potash NPK 1344706 1.48 + 0.52
Alamos Gold AGI 2165774 11.1 + 0.49
Osisko Mng OSK 21195091 7.48 + 0.43
First Quantum FM 8569942 20.1 - 1.38
Imperial Metal III 303680 17.12 - 0.73
Tahoe Res THO 1816731 25.32 - 0.66
Barrick Gold ABX 14706718 22.08 - 0.48
Walter Energy WLT 63041 11.5 - 0.45
China Gold Int CGG 3314882 3.23 - 0.42
Horizns G Bear HGD 2612709 12.42 - 0.37
Kinross Gold K 21755852 5.43 - 0.35
Silvercorp Mtl SVM 1264629 2.51 - 0.35
Franco-Nevada FNV 1777654 56.26 - 0.33


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Related Press Releases
Mediterranean Announces Non-Brokered Private Placement, Shares for Service and Stock Option Grants
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Mediterranean Resources: Completion of Share Consolidation
 



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