Resource Stock Roundup Thursday August 14, 2008
Aug 14th, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was a rare winning session across the board during Wednesday trading on the Canadian markets. For the tale of the tape, the TSX Exchange rallied 1.44%, while the TSX Gold Index surged 6.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.03% with the declining issuers beating out the advancers by a 425 to 414 margin on volume of 114 million shares traded.
Kinross Gold (K) tabled earnings of $26 million or $0.04 per share in the second quarter, a sharp decline from the $53 million or $0.09 per share earned in the same period a year ago. The bottom line was crushed by higher costs and lower revenues with the cost to produce an ounce of gold hitting $466. Despite the shortfall a strong gold price helped Kinross end the day up C$1.51 at C$17.75.
Aura Minerals (ORA) came out and said that it expects to see a steady state throughput of 1,200 tonnes per day for its Aranzazu project in Mexico by the fourth quarter. Aura ended the session up C$0.10 at C$1.15.
It was a good day for shareholders of Uranium One (UUU) as the company announced record production of 767,100 pounds of U308 in the second quarter with earnings ringing in at $32.9 million. Uranium One also confirmed its 2008 production target of 3.1 million pounds U3O8 and appointed Jean Nortier as president and chief executive officer. The company ended the day up C$0.43 at C$3.73.
Is it merely a dead cat bounce or is it the emergence of some strength for the beaten down resource sector? We will see what Thursday trading has in store.
Source: Resource Stock Roundup Thursday August 14, 2008
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.