News

March 05, 2010

That Was The Week That Was … In Canada

By Our Canadian Correspondent

Minews. Now, over to our Canadian Correspondent for a look at how the Canadian markets performed over the past week.

CC. There was a burst of new buying in the resources space, after a better than expected jobs report out of the United States, and after the Bank of Canada elected to leave interest rates unchanged at a record low 0.25 per cent. Once all the trading was done, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had gained 1.76 per cent, while the TSX Gold Index had added 3.73 per cent.

Let’s start off with an interesting development in Peru, one that had a London-listed twist. Hochschild Mining sold its 36.9 per cent interest in Toronto-listed Zincore Metals for just over C$10 million. The buyer was Inversiones Pacasmayo, a public investment company that trades on the Lima stock exchange. Eduardo Hochschild, the executive chairman of Hochschild indirectly controls about 95 per cent of Inversiones.

Minews. There is a method to this madness because Pacasmayo owns 64 per cent...