Resource Stock Roundup: Wednesday, March 18th, 2009
Mar 18th, 2009 | By Doug Casey | Category: Financial NewsEquities continued to march higher during Tuesday’s session on the Canadian Markets as investors smell an economic recovery in the making. For the tale of the tape, the TSX Exchange gained 2.06%, while the TSX Gold Index gave back 1.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.68% with the decliners beating out the advancers by a 358 to 343 margin on pathetic volume of 90 million shares traded.
Merger mania resumed with Lucara Diamond proposing to marry Motapa Diamonds in an all-share deal that would see Motapa getting 0.9055 of a Lucara share for each Motapa share. The move would consolidate the advanced Mothae project in Lesotho. Lucara ended the day flat at C$0.50, while Motapa added C$0.04 to close at C$0.35.
Shares of Baja Mining jumped C$0.075 to C$0.33 after the company tabled a 12 per cent decrease in capital costs for its Boleo copper-cobalt-zinc-manganese project in Mexico. The new number is $767 million, around $100 million less than the 2008 estimate.
Western Canadian Coal kept the good news rolling by reporting that its Belcourt property in British Columbia hosts 86 million tonnes of proven reserves in two deposits. The potential production profile is four million tonnes per year of metallurgical coal for a 15 year period. Western ended the day up C$0.13 at C$0.57.
Despite signs that the recent rally is running out of gas, investors keep jumping in to buy more of the beaten-down financial stocks. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup: Wednesday, March 18th, 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.