Resource Stock Roundup Tuesday, July 8, 2008
Jul 8th, 2008 | By Doug Casey | Category: Gold MarketIt was an ugly start to the trading week as investors did an all out exodus from Canadian stocks during Monday trading. For the tale of the tape, the TSX Exchange lost 2.12%, while the TSX Gold Index fell 2.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, plunged 3.30% with the declining issuers swamping the advancers by a 694 to 304 margin on low volume of only 150 million shares traded.
The big news of the day was Inmet (IMN) Mining’s C$320 million all-cash bid for Petaquilla Copper (PTQLF). The move allows the advancement of the Petaquilla copper property in Panama where Petaquilla Copper says it owns 52 per cent of the project but Teck Cominco (TCK) says it earned 26% of that in March after delivering a final commitment to participate in the mine. Inmet held a 48% stake. Inmet ended the day up C$0.99 at C$64.51, while Petaquilla added C$0.98 to close at C$1.94 and Teck Cominco fell C$0.94 to C$43.38.
Shares of Noront Resources (NOT) lost C$0.08 to close at C$2.62 after investors digested the initial resource calculations for its Eagle One project in Ontario’s James Bay Lowlands. Indicated resources tally 1.834 million tonnes running 1.96% nickel, 1.18% copper, 3.91 grams palladium, 1.12 grams platinum and 0.15 gram gold per tonne. The inferred resource came in at 1.087 million tonnes grading 2.39% nickel, 1.27% copper, 4.5 grams palladium, 1.37 grams platinum and 0.13 gram gold per tonne.
Is this the beginning of a rather nasty correction in resource stocks or simply a buying opportunity? Either way the current markets are not for the faint of heart. We will see what Tuesday trading has in store.
Source: Resource Stock Roundup Tuesday, July 8, 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.