News

July 30, 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 arkets performed over the past week.

CC. It was all about earnings this past week, with the biggest gold miners and the biggest potash player all posting second quarter results. Once all the trading was done the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had added 2.32 per cent, while the TSX Gold Index had fallen 2.46 per cent.

Let’s start off with the world’s largest gold miner. Barrick Gold’s second quarter profit soared by 59 per cent, as a result of robust gold prices. Net income came in at US$783 million, or US$0.79 per share compared with the US$492 million, or US$0.56 per share, tallied in the same period a year earlier. Gold production during the second quarter rang in at 1.94 million ounces from 1.87 million ounces in the same period a year ago, but total cash costs increased to US$457 per ounce from US$452...