Resource Stock Roundup: Thursday, February 19th, 2009
Feb 19th, 2009 | By Doug Casey | Category: Financial NewsGold was yet again the big winner, with investors bailing out of the broader bourse during Wednesday trading on the Canadian markets. For the tale of the tape, the TSX Exchange plunged 2.42%, while the TSX Gold Index added another 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 0.36%, with the decliners swamping the advancers by a 460 to 336 margin on 137 million shares traded.
Kinross Gold (NYSE:KGC) tabled a fourth quarter loss of $968.8 million, or $1.47 per share thanks to a writedown associated with its $3 billion acquisition of Bema Gold two years ago. That’s down from the $173.1 million or $0.028 per share profit hit in the same period a year earlier. The major produced 550,221 gold equivalent ounces in the fourth quarter at cash costs of $375 per ounce. Kinross ended the day up C$0.04 at $24.43.
Agnico-Eagle Mines (NYSE:AEM) posted a profit of $21.9 million, or $0.15 per share for the fourth quarter. That is less than the $65.2 million or $0.46 per share recorded in the same period of 2007. The company had record gold production of 89,360 ounces in the fourth quarter and posted record annual gold production of 276,762 ounces. Agnico ended the day down C$1.30 at C$67.30.
It was a rough day for shareholders of Redcorp Ventures as the junior reported that construction activities at the Tulsequah Chief mine project in British Columbia will remain suspended. The suspension is a result of rising capital costs and falling metal prices. Redcorp ended the session down C$0.03 at C$0.01.
Gold miner La Mancha Resources added C$0.04 to close at C$0.44 after the company said it expected to produce between 85,000 and 100,000 ounces in 2009 at a cash cost of $497 per ounce.
Condor Resources added C$0.03 to C$0.13 after the company reported that a drill hole, completed by a major international mining company without the knowledge or consent of Condor on its Austral property in Chile, collared within an adjacent mineral claim and terminated in claims staked and owned 100 per cent by Condor cut 266 metres running 0.25% copper.
The financial stocks hit new 52-week lows and appeared poised to move lower ahead of the release of fourth quarter earnings. We will see what Thursday trading has in store.
Source: Resource Stock Roundup: Thursday, February 19th, 2009
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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.