TORONTO — Some of the most active companies traded 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 per cent, to $1.17 on 25.3 million shares.
GoGold Resources Inc. (TSX:GGD). Mining. Up 24 cents, or 16.90 per cent, to $1.66 on 20.9 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 44 cents, or 1.07 per cent, to $40.79 on 18.8 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 34 cents, or 1.36 per cent, to $24.58 on 18.6 million shares.
Rogers Communications Inc. (TSX:RCI.B). Telecommunications. Up 97 cents, or 1.75 per cent, to $56.47 on 18.1 million shares.
Companies in the news:
Agnico Eagle Mines Ltd. (TSX:AEM). Up $1.01, or 1.86 per cent, to $55.33. Teck Resources Ltd. (TSX:TECK.B). Down 26 cents, or 0.61 per cent, to $42.57. Agnico Eagle Mines Ltd. has signed a deal with Teck Resources Ltd. to take a 50 per cent 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 Nicolas, S.A.P.I. de C.V., which owns the San Nicolas development project in Zacatecas, Mexico. Teck chief executive Don Lindsay says the opportunity to add the operating and development experience of Agnico Eagle should generate substantial benefits for the project. The companies estimate development capital costs for the project could be in the range of US$1 billion to US$1.1 billion, based on current estimates. First production expected in 2026, with an estimated mine life of 15 years and a potential for mine life extension. It is expected to produce 63,000 tonnes per year of copper and 147,000 tonnes per year of zinc in concentrate over its first five years of production.
Turquoise Hill Resources Ltd. (TSX:TRQ). Down 94 cents, or 2.29 per cent, to $40.08. Pentwater Capital Management LP says it has increased its stake in Turquoise Hill Resources Ltd. to 13.77 per cent. The investment manager says it believes Rio Tinto’s deal to take Turquoise Hill private 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 per cent stake in the company, acquire the rest of the miner for $43 per share in cash. The Turquoise Hill board has unanimously recommended that the company’s minority shareholders vote in favour of the deal. However, the agreement requires approval by a two-thirds majority vote by Turquoise Hill shareholders, including Rio Tinto, and the approval of a simple majority of the votes cast by the company’s minority shareholders. Turquoise Hill owns a 66 per cent stake in the Oyu Tolgoi copper and gold mine in Mongolia. Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34 per cent interest.
Trevali Mining Corp. (TSX:TV). TSX has suspended trading of the stock. Trevali Mining Corp. says its president and chief executive, as well as its chief operating officer, have both resigned. The Vancouver-based miner says Ricus Grimbeek, who has served as CEO since 2019, will step away from the company. It says chief operating officer Derek du Preez will also depart effective Oct. 14. Trevali also says the Supreme Court of British Columbia has approved the company’s application for a sales and investment solicitation process for its wholly owned Caribou Mine in New Brunswick, as well as its 90 per cent interest 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 has suspended trading of Trevali’s shares. The company’s common shares will be delisted at the close of the market on Oct. 3. Earlier this week, Trevali confirmed that two of its executives have been convicted of involuntary manslaughter in Burkina Faso in the wake of a flooding disaster at the company’s Perkoa Mine that killed eight workers.
This report by The Canadian Press was first published Sept.16, 2022