Contrarian Stock Market Investing News - Featuring Bargain Stocks » First Quantum Minerals http://www.contrarianprofits.com Access market-beating ideas from the world's top investment gurus on stock market investing, the gold market, ETFs, Forex trading and real estate values. Mon, 10 May 2010 15:10:45 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Resource Stock Roundup:Thursday, May 14th, 2009 http://www.contrarianprofits.com/articles/resource-stock-roundupthursday-may-14th-2009/16692 http://www.contrarianprofits.com/articles/resource-stock-roundupthursday-may-14th-2009/16692#comments Thu, 14 May 2009 19:12:05 +0000 Doug Casey http://www.contrarianprofits.com/?p=16692 The bears took the bulls by the horns during Wednesday trading on the Canadian Markets, as lower than expected retail sales out of the United States spooked the traders. For the tale of the tape, the TSX Exchange plunged 3.65%, while the TSX Gold Index gave back 1.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.29% with the decliners swamping the advancers by a 521 to 316 margin on 181 million shares traded.
Shares of New Gold (AMEX:NGD) added C$0.08 to close at C$2.63 after the miner reported first quarter earnings of $12.1 million or $0.06 per share. This is up from the $9.8 million or $0.13 per share tallied in the year earlier period. Gold sales…

]]> The bears took the bulls by the horns during Wednesday trading on the Canadian Markets, as lower than expected retail sales out of the United States spooked the traders. For the tale of the tape, the TSX Exchange plunged 3.65%, while the TSX Gold Index gave back 1.3% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 2.29% with the decliners swamping the advancers by a 521 to 316 margin on 181 million shares traded.
Shares of New Gold (AMEX:NGD) added C$0.08 to close at C$2.63 after the miner reported first quarter earnings of $12.1 million or $0.06 per share. This is up from the $9.8 million or $0.13 per share tallied in the year earlier period. Gold sales from 55,397 ounces resulted in revenues of $58.8 million.

First Quantum Minerals saw its first-quarter profit plunge 94 per cent to $10.9 million or $0.16 per share from $182 million or $2.68 per share in the first quarter of 2008. Lower copper prices resulted in a 48 percent drop in revenues to $268.2 million. Copper production came in at 89,440 tonnes, up some 18 percent and gold output hit 50,425 ounces. Cash costs were an enviable $0.97 per pound. First Quantum ended the day down C$4.39 at C$45.11.

Gammon Gold (NYSE:GRS) reported first quarter earnings of $2.6 million, or $0.02 per share, compared with the $8.5 million, or $0.07 per share booked in the same period in 2008. The earnings were hit by one-time charges. Gold production came in at 36,829 ounces and silver output tallied 1,351,300 ounces. Gammon ended the day down C$0.77 at C$8.35.

Every single subsector of the exchange closed in the red suggesting a very broad based selloff. We shall see what Thursday trading has in store.


Source: Resource Stock Roundup:Thursday, May 14th, 2009

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