TSX posts gain, Mar. 1-5
The S&P/TSX Composite Index advanced 1.80% to 18,381.00. The S&P/TSX Global Base Metals Index climbed 1.21% to 165.45, and the S&P/TSX Global Mining Index rose 1.16% to 106.23. Spot gold fell US$35.50 per oz. to US$1,700.10 and the S&P/TSX Global Gold Index increased 4.07% to 280.38.
Suncor Energy rose $2.55 to $27.82 per share. The company announced it priced an offering of US$750 million in senior unsecured notes due on March 4 2051 that have a coupon of 3.75%; and priced a $500 million senior unsecured Series 8 Medium term notes due on the same date. The Canadian notes have a coupon of 3.95%. Suncor plans to use the net proceeds to repay commercial paper and for general corporate purposes. It also announced that it has provided an early cancellation notice to its banking partners in relation to $2.8 billion in bi-lateral credit facilities. The credit facilities had a two-year term and were entered into in March and April 2020 to ensure the company had ac
TSX posts modest dip, Feb. 15-19
The Quebrada Blanca 2 copper project in Chile. Credit: Teck Resources.
The S&P/TSX Composite Index fell 75.93 points (0.41%) to finish the Feb. 15-19 trading week at 18,384.27. The Global Base Metals Index rose 10.2% to 169.75 and the Global Mining Index gained 2.1% to 108.27. Spot gold fell US$39.70 per oz. (2.2%) to US$1,784.60 per oz., and the S&P/TSX Global Gold Index dropped 7.5% to 281.01.
Teck Resources’ Class A common shares jumped $4.01 to $32.97. The company announced its unaudited annual results for 2020 and reported an adjusted profit attributable to shareholders of $561 million or $1.05 per share and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.6 billion. It also announced that last year it met its target of 40% overall completion of its Quebrada Blanca Phase 2 copper project in Chile, one of the world’s largest undeveloped copper resources. In other news, Teck announced that commissioning
TSX up, Feb. 1-5
The S&P/TSX Composite Index jumped 4.61% to 18,135.90 during the Feb. 1-5 trading week. The S&P/TSX Global Mining Index rose 3.29% to 104.10, and the S&P/TSX Global Base Metals Index soared 7.25% to 147.81. Spot gold fell US$32.90 per oz., or 1.78%, to US$1,815.20 per oz., and the S&P/TSX Global Gold Index rose by 1.01% to 306.59.
Turquoise Hill Resources climbed $1.89 to $15.99 per share. The company scored a temporary win in its dispute with Rio Tinto over the funding of the Oyu Tolgoi copper-gold-silver mine in Mongolia. The interim relief, Turquoise Hill announced on Feb. 4, prevents Rio Tinto from restricting Turquoise Hill’s talks on funding and other matters with other Oyu Tolgoi stakeholders. Until further notice, Rio Tinto won’t be able to authorise re-profiling negotiations with lenders in a manner that would render Oyu Tolgoi LLC unable to execute an offering of bonds in 2021, according to Turquoise Hill. Turquoise Hill, which is majority-owned by R
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