Heliostar Metals stock gains on Mexican asset buys
Heliostar aims to reach production of more than 500,000 oz. of gold a year by 2030.
First Majestic Silver Corp (TSE:FR, NYSE:AG) shed more than 10% on Tuesday on higher than usual trading volumes bringing losses for the week to 14%.
By the close the silver producer had lost $1.47 at $12.60 on the Toronto big board, near its lowest for the day and at a new 52-week low. The counter is now down 26% year to date bringing its market value $1.3 billion.
The mining sector was generally weak on the day with the S&P/TSX Diversified Metals & Mining Index down 3.6%.
Silver counters where hardest hit with industry bellwethers Silver Wheaton and Pan American Silver both losing more than 4% and also hitting 52-week lows. Silver Wheaton is worth $8.2 billion and Pan American $2.3 billion.
Silver futures lost 2.4% closing at $27.69 an ounce on Tuesday, the lowest price for 2012 and within site of 12 month lows of $26.38 hit on December 29.
Last week First Majestic announced that it remains on track to meet production guidance for 2012 of between 8.8 million ounces and 9.3 million ounces of silver equivalent at its three Mexican mines.
In April the company bought Silvermex Resources (TSX:SLX) in a deal valued at $175 million.
3 Comments
oakley sunglasses
These people are destroying beautiful ecosystems using cyanide in their processes and killing human and animal life in the area.
Releleveque
Ecofreak you know not what you speak of. Very environmentally responsible they are from production to reclamation – they file a plan ahead of time and follow it. First majestic is a serious buy here as the lowest cost producer of silver in the world plus they have meaningful growth and are undervalued
Dogsrule
Using fear to lash out against something you obviously know nothing about does not change anything. If you actually went to a mine site you would get an insite to the wonderful people, strong work ethic, environmentally conscience state of the modern mining industry.
You, oakley sunglasses, are using OUR products EVERY DAY. That computer you used to post that ignorant message contains both gold and silver. I’m sure you have a cell phone, car, bicycle, jewelry, live in a house, and oh yes OAKLEY SUNGLASSES. None of these products would be possible without US MINING FOLK!