TORONTO – Some of the most active companies trading Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,385.88, down 174.28 points.)
Baytex Energy Corp. (TSX: BTE). Energy. Unchanged at $6.56 on 26.8 million shares.
New Gold Inc. (TSX: NGD). Mining. Up four cents, or 3.54%, to $1.17 on 25.3 million shares.
GoGold Resources Inc. (TSX:GGD). Mining. Up 24 cents, or 16.90%, to $1.66 on 20.9 million shares.
Suncor Energy Inc. (TSX: SU). Energy. Down 44 cents, or 1.07%, to $40.79 on 18.8 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 34 cents, or 1.36%, to $24.58 on 18.6 million shares.
Rogers Communications Inc. (TSX: RCI.B). Telecommunications. Up 97 cents, or 1.75%, to $56.47 on 18.1 million shares.
Companies in the news:
Agnico Eagle Mines Ltd. (TSX:AEM). Up $1.01, or 1.86%, to $55.33. Teck Resources Ltd. (TSX:TECK.B). Down 26 cents, or 0.61%, at $42.57. Agnico Eagle Mines Ltd. signed an agreement with Teck Resources Ltd. to take a 50% stake in a copper-zinc project in Mexico for US$580 million. Under the agreement, Agnico Eagle will become a joint venture partner with Teck in Minas de San Nicolás, SAPI de CV, owner of the San Nicolás development project in Zacatecas, Mexico. Teck CEO Don Lindsay says the opportunity to add Agnico Eagle’s operating and development experience should generate substantial benefits for the project. The companies estimate that the capital costs of developing the project could be between US$1 billion and US$1.1 billion, based on current estimates. First production expected in 2026, with an estimated mine life of 15 years and potential for life of mine extension. It is expected to produce 63,000 tonnes per year of copper and 147,000 tonnes per year of zinc in concentrate form during its first five years of production.
Turquoise Hill Resources Ltd. (TSX:TRQ). Down 94 cents, or 2.29%, at $40.08. Pentwater Capital Management LP has announced that it has increased its stake in Turquoise Hill Resources Ltd. at 13.77%. The investment manager says he thinks Rio Tinto’s deal to privatize Turquoise Hill undervalues the company and does not support the plan. Turquoise Hill announced a deal earlier this month that would see Rio Tinto, which already owns a 51% stake in the company, acquire the remainder of the miner for $43 per share in cash. Turquoise Hill’s board of directors unanimously recommended that the company’s minority shareholders vote in favor of the deal. However, the deal requires approval by a two-thirds majority vote of Turquoise Hill shareholders, including Rio Tinto, and approval by a simple majority of votes cast by the company’s minority shareholders. Turquoise Hill owns a 66% interest in the Oyu Tolgoi copper and gold mine in Mongolia. Erdenes Oyu Tolgoi LLC, a Mongolian public entity, owns the remaining 34%.
Trevali Mining Corp. (TSX:TV). The TSX suspended trading in the stock. Trevali Mining Corp. says its president and CEO, as well as its chief operating officer, have both resigned. The Vancouver-based miner said Ricus Grimbeek, who served as CEO since 2019, will leave the company. He says chief operating officer Derek du Preez will also be leaving as of October 14. Trevali also says the B.C. Supreme Court has approved the company’s request for a sales and investment solicitation process for its wholly-owned Caribou mine in New Brunswick, as well as its 90% stake in the Rosh Pinah mine in Namibia. Trevali filed for creditor protection under the CCAA (Companies Creditor Protection Act) in August. As a result, the Toronto Stock Exchange suspended trading in Trevali’s shares. The company’s common shares will be delisted at the close of trading on October 3. Earlier this week, Trevali confirmed that two of its executives had been convicted of manslaughter in Burkina Faso following catastrophic flooding at the company’s Perkoa mine. which killed eight workers.
This report from The Canadian Press was first published on September 16, 2022
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