A continuing slump in commodity prices dragged Toronto stocks down another 285.96 points to 11,545.77 during the holiday-shortened May 16-19 report period. The gold index had 5.8% of its value carved away, ending at 296.23. A lone rising nickel price helped offset the damage for the diversified miners, which finished 4.39 points lighter at 497.72.
EuroZinc Mining was the busiest miner, with just shy of 49 million shares sliding another 39 to $2.42. Portugal recently awarded the company four exploration concessions, giving the company the largest single-owner land package in the Iberian pyrite belt. A US$10-million surface exploration program is planned.
Falconbridge jumped another $3.15 to $55.50 after major shareholder Xstrata launched a widely anticipated bid for the 80% stake of the company it doesn’t already own. The all-cash offer trumps a recently sweetened bid by Inco. Inco slid $1.32 to $70.18, while its predator, Teck Cominco, fell $4.30 to $65.69.
Bema Gold rounded out the top three traders with nearly 31 million shares drifting 29 lower to $5.33.
Pure Gold Minerals was unusually busy, with 19.4 million shares advancing 1.5 to 8.5. The company can earn up to an 85% stake in six Nunavut projects from De Beers Canada by spending $15 million on exploration over three years. The work will be funded via private placements with De Beers involving a total of 17.5 million shares. Gordon Keevil has replaced Donald Sheldon as president; Sheldon remains a director and chairman.
Also busy was Northgate Minerals, which fell 18 to $4.05 on volume of around 14.8 million shares. Subsequent to the period’s end, the company tabled a $435-million share-swap bid for Aurizon Mines. Aurizon finished the period 8 cheaper at $2.30, but jumped to a 52-week high of $3.14 in the afternoon following the news on May 23.
Other gainers were: Brazillian Diamonds, up 20% to 30; Campbell Resources, plus 10.8% to 20.5; Tiberon Minerals, 7.4% better at $2.60; and Peru Copper, which finished 6.6% higher at $4.50.
Campbell plans to sell the Eastmain mine property to Eastmain Resources for $2.5 million in cash accompanied by 2 million shares and 1 million warrants. It will retain a 2% net smelter return royalty. Subsequent to the period’s end, Peru awarded Peru Copper water rights for the Toromocho project in the central Andes. The company must now apply for a water usage licence.
The period’s biggest percentage loser was Blue Pearl Mining; the company’s warrants fell 38% to $1.39, while its common shares slipped 30.6% to $2.04. There was no recent news from the company, which is drilling the Davidson molybdenum project, near Smithers, B.C.
Cambior shed 35, or 9%, ending at $3.50 after a strike forced the temporary suspension of operations at its flagship Rosebel gold mine in Suriname. The weeklong pause could affect the Quebec-based miner’s gold production goals for May.
TSX greatest percentage change
|Pure Gld Mnr||PUG||19388||0.11||0.07||0.085||+21.4|
|Teck Comin A||TEK.MVA||47||79.46||70.00||79.46||+8.0|
|Blue Pearl wt||BLE.WT||477||2.19||1.10||1.39||-38.2|
|Blue Pearl Mng||BLE||2867||2.92||1.70||2.04||-30.6|
|European Ml wt||EPM.WT||192||0.55||0.405||0.42||-30.0|
|HMZ Metals wt||HMZ.WT||185||0.015||0.015||0.015||-25.0|
TSX greatest value change
|Teck Comin A||TEK.MVA||47060||79.46||+5.94|
|Dundee Prec Mt||DPM||522681||12.97||+0.31|
|Fronteer Dev G||FRG||1375885||5.72||+0.27|
|Potash Cp Sask||POT||1005191||103.39||-4.36|
|Teck Comin B||TEK.SVB||22372718||65.69||-4.30|
TSX most active issues
|Teck Comin B||TEK.SVB||22373||71.94||64.06||65.69||-4.30|
|Pure Gld Mnr||PUG||19388||0.11||0.07||0.085||+0.015|