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TABLE OF CONTENTS Jul 14 - 20, 2014 Volume 100 Number 22 - 0 comments

TSX takes a break, June 30-July 4

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2014-07-09

Trading on the Toronto Stock Exchange was on the downbeat during the Canada Day shortened week, with the S&P/TSX Composite Index losing nearly 69 points to finish at 15,214.96.  The spot price for gold retreated US$7.91 per oz. to US$1,318.99, while the S&P/TSX Global Gold Index slipped almost 2 points to 194.67. The diversified miners fared better, with the S&P/TSX Capped Diversified Metals & Mining Index climbing 58 points to 903.76.

Labrador Iron Mines, which is active in the Labrador Trough, was one of the week’s worst performers, sinking nearly 16% to 8¢. The producer reported that it would not resume mining this year due to weak iron ore prices, which declined to below US$90 per tonne in June. Instead, the firm intends to reduce operating costs and develop its flagship Houston project. The firm estimates it would need $20 million to $25 million to develop Houston and roughly the same amount in working capital. Desjardins Securities notes the chances of Labrador Iron Mines raising that amount are slim, and has lowered its price target to 2¢ from 10¢, and kept a “sell” rating. 

First Quantum Minerals topped the value gainers’ list on no recent news. The Vancouver-based firm, which reported the week before that it had temporarily halted construction at its Cobre Panama copper project in Panama due to an illegal work stoppage, jumped $2.52 per share to $25.04.

On July 7, TD Securities hiked its price target on the firm to $30 from $27 and reiterated a “buy” rating. First Quantum expects its $470-million acquisition of Lumina Copper to close before September.

Diversified miner Teck Resources advanced $1.85 per share to $25.72, helped by Desjardins initiating coverage on the firm with a “buy” rating and a one-year target of $28.50. Desjardins notes that the firm, which mainly produces copper, zinc and coal, hosts a strong pipeline of growth projects and estimates a 16% return for investors over the next year.

Russell Metals, which is one of the largest metals distribution and processing firms in North America, added $1.50 to end at $35.51 on no major news. However, Raymond James increased its price target to $38 from $34 and had an “outperform” rating on the stock.

Toronto-based Carpathian Gold was the most actively traded stock, with 17.2 million shares changing hands. Carpathian has extended its forbearance and amendment agreement with Macquarie Bank. Under the agreement, Macquarie will increase the funds available under Tranche 3 by US$5 million, for a total facility of up to US$170 million, of which Carpathian has drawn down US$164.9 million for its Riacho dos Machados gold project in Brazil. The forbearance expires on July 31, 2014, with a Tranche 3 repayment due by year-end.

TSX most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Carpathian Gld CPN 17197 0.04 0.03 0.03 + 0
Lundin Mng LUN 13269 6.35 5.74 6.18 + 0.35
Yamana Gold YRI 11271 8.9 8.5 8.79 + 0.2
B2Gold BTO 9767 3.17 3 3.03 - 0.01
Barrick Gold ABX 9236 19.69 19.05 19.29 + 0.07
Centerra Gold CG 8877 6.9 5.95 6.42 + 0.39
Orbite Alumnae ORT 8654 0.61 0.45 0.6 + 0.15
First Quantum FM 8579 25.32 22.38 25.04 + 2.52
Teck Res B TCKB 7822 26.01 23.55 25.72 + 1.85
Capstone Mng CS 7625 2.93 2.51 2.87 + 0.33

TSX greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Levon Res LVN 6271 0.49 0.27 0.46 + 73.5
Xinergy XRG 278 0.43 0.21 0.38 + 70.4
Vena Res VEM 675 0.09 0.05 0.09 + 41.6
Forbes & Man C FMC 17 0.15 0.08 0.14 + 40
TVI Pacific TVI 1024 0.02 0.02 0.02 + 33.3
First Nickel FNI 1764 0.04 0.03 0.04 + 33.3
Orbite Alumnae ORT 8654 0.61 0.45 0.6 + 31.8
Marathon Gold MOZ 25 0.43 0.29 0.37 + 27.5
Copper Mtn Mng CUM 4043 3.04 2.34 2.95 + 25.5
Nuinsco Res NWI 123 0.03 0.02 0.03 + 25
Geovic Mng GMC 448 0.03 0.02 0.03 - 28.5
Rio Novo Gold RN 20 0.09 0.09 0.09 - 21.7
Lachlan Star LSA 222 0.12 0.1 0.11 - 18.5
MDN Inc MDN 97 0.06 0.05 0.05 - 16.6
Labdr Iron Mns LIM 2704 0.11 0.08 0.08 - 15.7
Redhawk Res RDK 645 0.2 0.16 0.16 - 15.7
Meadow Bay Gd MAY 49 0.2 0.16 0.16 - 15.7
Inspiration Mg ISM 294 0.08 0.06 0.07 - 13.3
Goldgroup Mng GGA 53 0.22 0.2 0.2 - 13
Wildcat Silver WS 554 0.56 0.5 0.5 - 10.7

TSX greatest value change


Company Symbol Change Close Change
First Quantum FM 8579310 25.04 + 2.52
Teck Res A TCKA 11549 26.91 + 1.98
Teck Res B TCKB 7822114 25.72 + 1.85
Royal Gold RGL 18386 80.43 + 1.59
Russell Metals RUS 775111 35.51 + 1.5
Imperial Metal III 162306 16.65 + 1.35
HudBay Minls HBM 4343476 10.76 + 0.89
Agnico-Eagle AEM 2868308 40.99 + 0.88
Detour Gold DGC 3895234 14.86 + 0.83
Tahoe Res THO 722570 28.02 + 0.6
Agrium AGU 1186326 97.32 - 0.73
Horizns G Bear HGD 1569745 12.2 - 0.3
Potash Cp Sask POT 3419590 40.23 - 0.23
Central Fund CEFA 164166 15.19 - 0.15
Goldcorp G 4489216 29.33 - 0.12
Eldorado Gold ELD 6177715 7.97 - 0.11
Golden Queen GQM 91371 1.5 - 0.1
Midas Gold MAX 721577 0.79 - 0.06
PolyMet Mng POM 47058 1.11 - 0.06
Migao MGO 24386 1.4 - 0.06


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