Toronto's main market declined sharply on Tuesday, after being shut for a Civic Holiday on Monday, as investors largely ignored positive data in the U.S. and as commodities stretched losses on bets the Federal Reserve will scale back U.S. bond purchases.
In corporate news, Allied Nevada Gold Corp. (TSE:ANV), the operator of the Hycroft mine in Nevada, plunged 24% to C$4.64, the lowest since 2008, after reporting a decline in earnings and deferring plans to build a processing plant at the site. Second-quarter net income slid to $4.23 million, or 4 cents a share, from $6.14 million, or 7 cents a share.
B2Gold Corp. (TSE:BTO) (NYSE:BTG) shed 1.8% to C$2.74 after it reaffirmed its production guidance figures for the year and upped its output forecast for the next calendar year as the Vancouver-based explorer for gold, silver, copper, and zinc released quarterly operational figures Tuesday showing reduced cash costs across its highest profile operations. Gold production for the company, which engages in the exploration and development of mineral properties in Nicaragua, Colombia, Namibia, and Uruguay, came to 82,083 ounces for the quarter that ended June 30.
Aureus Mining’s (LON:AUE) (TSE:AUE) latest update confirmed the group is a strong position as it finalises financing for its New Liberty Gold Mine in Liberia. The group finished the first half with US$53.9mln in cash and total assets of US$152.3mln. The initial cost to develop the operation is put at US$136mln and Nedbank and Rand Merchant Bank are arranging the project finance required build the project. Aureus said on Tuesday the banks have completed their detailed due diligence on New Liberty and credit committee approvals are expected by the middle of the current quarter, allowing the group to draw down funds by year-end.
Mawson Resources (TSE:MAW) says it has closed the oversubscribed first tranche of its non-brokered private placement financing, raising $2.57 million so far for its Rompas project in Finland. Last month, the company announced plans for a private placement financing of up to 9.33 million units a price of 45 cents apiece, but due to the oversubscribed first tranche, it is now planning to issue up to 9.34 million units for total proceeds of up to $4.2 million.
EMED Mining (LON:EMED) (TSE:EMD) is progressing the permitting process for its Rio Tinto copper mine and looks forward to taking part in the "strong resurgence" of mining in Andalucia in 2014. Updating on progress in July, the firm said it had received the report by the government's expert CEDEX relating to the tailings management facility at the mine.
In energy stocks, Ensign Energy Services Inc. (TSE:ESI), a land-based drilling contractor, moved between slight losses and gains after saying second-quarter earnings dropped 82 percent, weakened by foreign-exchange and other charges, and feeble demand for oilfield services.
In other stocks, Ritchie Bros. Auctioneers Inc. (TSE:RBA), the world’s largest auctioneer of industrial equipment, advanced 6.6% to C$20.59 after the company said second-quarter earnings fell 4 percent, while auction revenue inched up 1 percent. The Burnaby, British Colombia-based company also upped its quarterly dividend by 6 percent.
Information technology was the only sector that advanced on Tuesday, led by Blackberry Ltd. (NASDAQ:BBRY) (TSE:BB), the Waterloo, Ontario-based smartphone maker, which extended gains for a fifth day, adding 6.4% to C$9.86 after Samsung announced that Blackberry Messenger is headed to its smartphones in Africa. The BBM service is expected to rollout across Android and Apple's iPhones in the coming months.
WestJet (TSE:WJA) shares gained almost 1% to C$21.56 after it said its July load factor slipped to 83.1 per cent as traffic increased 8.3% and capacity grew 11.1% over the month last year.
Molson Coors Brewing Co. (NYSE:TAP), the U.S. maker of Carling lager, reported a higher-than-expected profit in the fiscal second quarter because of the acquisition of the company's Central Europe operations in June 2012. Underlying after-tax income, excluding special items, rose to $278.6, or $1.51 a share, above the $1.38 a share profit estimated by 8 analysts surveyed by Thomson Reuters I/B/E/S.
Moving to the junior market in Canada on Tuesday, Canada Fluorspar (CVE:CFI) has unveiled a third set of drill results from its phase 3 diamond drilling program at its Grebes Nest property in Newfoundland, which the company says confirm that the West vein has a strike length of over 725 metres, an extension from the previous 425 metres.
Montero Mining and Exploration (CVE:MON) has also revised a portion of its initial NI 43-101 compliant resource for its Wigu Hill rare earth element (REE) project in Tanzania to outline a higher grade deposit for the Twiga zone, it said Tuesday, lending potential for an initial starter pit. The newly defined higher grade rare earth resource at Twiga, located on the south eastern ridge of Wigu Hill, is comprised of 1.9 million tonnes at a grade of 2.7% light rare earth oxides. According to the company's statement, a sensitivity analysis at a cutoff grade of 3% has also shown that the inferred mineral resource contains a higher grade portion consisting of 0.47 million tonnes averaging 5.2% light rare earth oxides, to a depth of 50 metres from surface.
New Zealand Energy Corp. (NZEC) (CVE:NZ)(OTCQX:NZERF) provided investors with an update today on its oil and gas assets in the Taranaki Basin of New Zealand's North Island, including plans for the Tariki, Waihapa and Ngaere (TWN) petroleum licenses that are to be acquired from Origin Energy Resources, with substantially higher cash flow and production forecasts. New Zealand Energy said that an "extensive post TWN acquisition work program" -- on which it will spend a total of $7.3 million this year -- will be conducted once the deal closes, to be made up of reactivation and re-completion of existing wells, in addition to up to eight new wells, including four targeting deeper, high impact targets. Reported by Proactive Investors 1 day ago.
In corporate news, Allied Nevada Gold Corp. (TSE:ANV), the operator of the Hycroft mine in Nevada, plunged 24% to C$4.64, the lowest since 2008, after reporting a decline in earnings and deferring plans to build a processing plant at the site. Second-quarter net income slid to $4.23 million, or 4 cents a share, from $6.14 million, or 7 cents a share.
B2Gold Corp. (TSE:BTO) (NYSE:BTG) shed 1.8% to C$2.74 after it reaffirmed its production guidance figures for the year and upped its output forecast for the next calendar year as the Vancouver-based explorer for gold, silver, copper, and zinc released quarterly operational figures Tuesday showing reduced cash costs across its highest profile operations. Gold production for the company, which engages in the exploration and development of mineral properties in Nicaragua, Colombia, Namibia, and Uruguay, came to 82,083 ounces for the quarter that ended June 30.
Aureus Mining’s (LON:AUE) (TSE:AUE) latest update confirmed the group is a strong position as it finalises financing for its New Liberty Gold Mine in Liberia. The group finished the first half with US$53.9mln in cash and total assets of US$152.3mln. The initial cost to develop the operation is put at US$136mln and Nedbank and Rand Merchant Bank are arranging the project finance required build the project. Aureus said on Tuesday the banks have completed their detailed due diligence on New Liberty and credit committee approvals are expected by the middle of the current quarter, allowing the group to draw down funds by year-end.
Mawson Resources (TSE:MAW) says it has closed the oversubscribed first tranche of its non-brokered private placement financing, raising $2.57 million so far for its Rompas project in Finland. Last month, the company announced plans for a private placement financing of up to 9.33 million units a price of 45 cents apiece, but due to the oversubscribed first tranche, it is now planning to issue up to 9.34 million units for total proceeds of up to $4.2 million.
EMED Mining (LON:EMED) (TSE:EMD) is progressing the permitting process for its Rio Tinto copper mine and looks forward to taking part in the "strong resurgence" of mining in Andalucia in 2014. Updating on progress in July, the firm said it had received the report by the government's expert CEDEX relating to the tailings management facility at the mine.
In energy stocks, Ensign Energy Services Inc. (TSE:ESI), a land-based drilling contractor, moved between slight losses and gains after saying second-quarter earnings dropped 82 percent, weakened by foreign-exchange and other charges, and feeble demand for oilfield services.
In other stocks, Ritchie Bros. Auctioneers Inc. (TSE:RBA), the world’s largest auctioneer of industrial equipment, advanced 6.6% to C$20.59 after the company said second-quarter earnings fell 4 percent, while auction revenue inched up 1 percent. The Burnaby, British Colombia-based company also upped its quarterly dividend by 6 percent.
Information technology was the only sector that advanced on Tuesday, led by Blackberry Ltd. (NASDAQ:BBRY) (TSE:BB), the Waterloo, Ontario-based smartphone maker, which extended gains for a fifth day, adding 6.4% to C$9.86 after Samsung announced that Blackberry Messenger is headed to its smartphones in Africa. The BBM service is expected to rollout across Android and Apple's iPhones in the coming months.
WestJet (TSE:WJA) shares gained almost 1% to C$21.56 after it said its July load factor slipped to 83.1 per cent as traffic increased 8.3% and capacity grew 11.1% over the month last year.
Molson Coors Brewing Co. (NYSE:TAP), the U.S. maker of Carling lager, reported a higher-than-expected profit in the fiscal second quarter because of the acquisition of the company's Central Europe operations in June 2012. Underlying after-tax income, excluding special items, rose to $278.6, or $1.51 a share, above the $1.38 a share profit estimated by 8 analysts surveyed by Thomson Reuters I/B/E/S.
Moving to the junior market in Canada on Tuesday, Canada Fluorspar (CVE:CFI) has unveiled a third set of drill results from its phase 3 diamond drilling program at its Grebes Nest property in Newfoundland, which the company says confirm that the West vein has a strike length of over 725 metres, an extension from the previous 425 metres.
Montero Mining and Exploration (CVE:MON) has also revised a portion of its initial NI 43-101 compliant resource for its Wigu Hill rare earth element (REE) project in Tanzania to outline a higher grade deposit for the Twiga zone, it said Tuesday, lending potential for an initial starter pit. The newly defined higher grade rare earth resource at Twiga, located on the south eastern ridge of Wigu Hill, is comprised of 1.9 million tonnes at a grade of 2.7% light rare earth oxides. According to the company's statement, a sensitivity analysis at a cutoff grade of 3% has also shown that the inferred mineral resource contains a higher grade portion consisting of 0.47 million tonnes averaging 5.2% light rare earth oxides, to a depth of 50 metres from surface.
New Zealand Energy Corp. (NZEC) (CVE:NZ)(OTCQX:NZERF) provided investors with an update today on its oil and gas assets in the Taranaki Basin of New Zealand's North Island, including plans for the Tariki, Waihapa and Ngaere (TWN) petroleum licenses that are to be acquired from Origin Energy Resources, with substantially higher cash flow and production forecasts. New Zealand Energy said that an "extensive post TWN acquisition work program" -- on which it will spend a total of $7.3 million this year -- will be conducted once the deal closes, to be made up of reactivation and re-completion of existing wells, in addition to up to eight new wells, including four targeting deeper, high impact targets. Reported by Proactive Investors 1 day ago.