Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Most commodities, except for the heavyweights gold and oil, are poised for a down year in 2011, the first fall for this sector since the financial crisis hit in 2008.
Gold looked like it was set for a spectacular year after topping $1,900/oz in the fall, but the precious metal finished up just 13%.
It started the year at $1,400/oz and is currently trading around $1,570/oz.
Silver didn’t fare as well, which was down 3.46% for the year from $30.91/oz to $28.21/oz.
Platinum was also down 18.86% and palladium was off 13.45%.
Reflecting concerns about a slowing China and a possible world slowdown, copper prices were hit hard, starting the year at $4.42/lb but ending up at $3.40/lb, a 20% decline.
Oil was up 9.13% a barrel from $89 to just under $100, reflecting the uncertainty in the world markets due to Middle East tensions.
The commodity heavy TSX was off 11% for year. Barrick Gold was down 15.05% to $45.06 a share.
Comments
Dan Oancea
And some of the juniors experienced a 40 to 70% drop in their share price.