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by Stockwatch Business Reporter
New York spot gold closed up $2.10 to $1,282.70 Wednesday, rising after reports Syrian rebels seized an Israeli border crossing. As violence in the Middle East continues, the United States dollar has climbed to a 12-month high against the euro. Here in Canada, the TSX Venture Exchange gained 3.98 points to 1,019.34, while the TSX Gold Index slipped 1.85 points to 197.54.
Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) lost 29 cents to $19.66, Eldorado Gold Corp. (ELD) lost 12 cents to $8.85, Yamana Gold Inc. (YRI) fell 15 cents to $9.01 and Agnico Eagle Mines Ltd. (AEM) dropped 52 cents to $40.35.
Mexico has experienced its own tailings spill this month. On Aug. 6, three days after Imperial Metals Corp.'s (III: $9) Mount Polley breach, Grupo Mexico found itself in the same position. Its Buenavista del Cobre copper mine in Sonora spilled 40,000 cubic metres (about one-third of the Mount Polley spill) into the nearby Tinajas stream. Water tests there, unlike those from B.C. which continue to return potable, found high levels of copper, arsenic, aluminum, cadmium, chromium, iron, manganese and lead. In other words, the metals content is above permissible consumption levels. Mexico's environmental minister is calling it the "worst environmental disaster in history." Grupo Mexico has blamed its spill on "unusual rainfall," but Mexico's National Water Commission disagrees. It says the spill was caused by a flawed pipe and a faulty valve. It is being backed up by the National Weather Service, which said no such heavy rains occurred in the area. Despite the undrinkable water and the conflict over its cause, the company has not had to suspend production, and has no plans to stop mining. Meanwhile, Imperial, which dropped from $17 on news of its spill, continues to trade around its two-year low and its mine is shut indefinitely.
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