News

July 04, 2009

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. With the Canada Day holiday occurring mid-week and the United States markets closed for the July 4th weekend celebration on Friday, the trading action was extremely quiet. Once all the trading was done over the past week, the TSX Ventures Exchange, home to more junior exploration companies than anywhere else in the world, had lost 1.7 per cent, while the TSX Gold Index had dropped 1.4 per cent.

The big news of the shortened trading week came when it was revealed that China's US$200 billion sovereign wealth fund is ponying up for a 17 per cent stake in debt burdened Teck Resources. China Investment Corp will buy 101.3 million shares at C$17.21 a piece, giving Teck C$1.74 billion in new money. Teck ended the week up C$0.86 to close at C$19.99.

And in litigation news it was a rough week for Gabriel Resources after the Bucharest court dismissed Gabriel’s lawsuit about the environmental...