Resource Stock Roundup:Friday, January 09th, 2009
Jan 9th, 2009 | By Doug Casey | Category: Financial NewsThe Canadian Markets gained momentum during Thursday trading as investors bought equities ahead of the employment numbers for the United States set to come out on Friday. For the tale of the tape, the TSX Exchange tacked on 1.10%, while the TSX Gold Index added 4.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, gained 1.26% with the advancing issuers edging out the decliners by a 388 to 335 margin on volume of 134 million shares traded.
Shares of Teck Comincon (NYSE:TCK) dropped C$0.18 to close at C$7.42 after the diversified miner announced that it will cut 1,400 jobs and lower output from its coal operations.
The latest victim in the debt crisis is First Metals. The owner of the Fabie copper mine and the advanced Magusi mine project in Quebec filed with the Official Receiver a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act. First Metals has not made the interest payment due December 31, 2008 on its outstanding senior secured Notes. First Metals ended the session down C$0.03 at C$0.025.
Goldcorp added C$0.59 to close at C$33.59 after the company said it plans to increase output by 50% over the next five years.
Meanwhile, Kinross Gold (NYSE:KGC) says it will spend $460 million in 2009 to boost its production by 32% to around 2.5 million ounces of gold. Kinross ended the day up C$1.29 at C$21.57.
ATW Gold cut 16 metres grading 9.79 grams gold per tonne at its Burnakura gold mine project in Western Australia. ATW ended the day up C$0.02 at C$0.48.
Grande Cache Coal lost C$0.13 to close at C$1.05 after the miner announced that due to the worldwide economic slowdown, steel producers are uncertain about the level of demand they will experience in 2009 and beyond.
Cutbacks and mine closures continue to take center stage on the news front. We will see what Friday trading has in store.
Source: Resource Stock Roundup:Friday, January 09th, 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.