Boyd, Roosen, Quartermain: It takes grit, invention, luck to make the big time
Mining industry legends discuss the backstories on their multibillion-dollar successes.
Last week index score: 88.24
This week: 54.67
With Easter making this a short week, the Oreninc Index gave back all the gains of the previous week in the week ending April 13th, 2017 to 54.67 from 88.24, despite gold putting in a solid week.
Total raises announced decreased to C$87.4 million, a two-week low, which included three brokered financings for a total of C$11.3 million, a 14-week low within which there were no bought-deal financings. The average offer size fell to C$2.1 million, a five-week low, whilst the total number of financings announced fell to 41, a two-week low.
The gold price had a strong week, jumping over US$30 per ounce and breaking through its 200-day moving average to close at US$1,288 on the back of increasing geopolitical risk as US president Donald Trump dispatched an aircraft carrier fleet to the Korean Peninsula. President Trump also commented that he thinks the US dollar is too strong.
With gold strengthening, industry’s leading benchmark index, the van Eck managed GDXJ posted growth and is now up 16.32% so far in 2017 and the inventory of the SPDR GLD ETF saw a growth spurt to 849.9 tonnes, its highest level since December 13th, 2016. Silver also rose to close at US$18.53 whilst copper continues to tread water, dropping slightly to US$2.57 a pound. Oil continues to strengthen and closed the week at $53.18.
The Dow Jones Industrial Average had one of its poorest weeks in recent times, pulling back to 20,453. Canada followed suit and the S&P/TSX Composite Index fell to 15,535 after hitting 15,730 at the start of the week. Bucking the trend was the junior space, where the S&P/TSX Venture Composite Index closed up on the week at 834.62, closing in on its year high of 844.96 that was recorded on February 21st. According to TMX, through 28th February some $1.13 billion has been raised on the TSX and TSXV for mining, slightly less than the $1.28 billion that has been raised for oil & gas.
This past week, Oreninc published its latest podcast with The Mercenary Geologist Mickey Fulp recorded at the PDAC, to get his observations on the event, which is available on www.oreninc.com.
Financial news highlights
New Pacific Holdings (TSXV: NUX) announced a non-brokered private placement to raise up to US$32 million to acquire private Bolivian company Empresa Minera Alcira that has seven silver-polymetallic mineral properties in Bolivia.
ATAC Resources (TSX-V:ATC) announced that Barrick Gold (TSX:ABX) will complete an $8.3 million flow through private placement in the company related to ATAC’s Rackla gold property in Canada’s Yukon Territory.
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