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by Stockwatch Business Reporter

New York spot gold lost $3.30 to $1,203.90 Friday, ending the week down $24. Canadian gold output rose to 150 tonnes last year, up from 125 tonnes in 2013, according to French bank Natixis, which attributed the increase to the Malartic gold mine in Quebec (Agnico Eagle and Yamana) and the Detour Lake gold mine in Ontario (Detour Gold). The TSX Venture Exchange rose 2.91 points to 694.94 and the TSX Gold Index added a fraction to 175.80.

Major Canadian gold miners ended the day inconsistently. Agnico Eagle Mines Ltd. (AEM) dropped 48 cents to $38.11, Detour Gold Corp. (DGC) dropped 29 cents to $11.77, Yamana Gold Inc. (YRI) added two cents to $4.93 and Goldcorp Inc. (G) rose 25 cents to $26.90.

Benoit Desormeaux's Semafo Inc. (SMF) lost 13 cents to $3.66 on 1.62 million shares. The company is working on a $50-million financing, up from an original $20-million. The money will boost its working capital to $195-million. Semafo needs $177-million to buy John Bovard's Australian-listed Orbis Gold Ltd. Semafo is after Orbis's Natougou gold project in Burkina Faso, where there are only two million ounces of gold, but low all-in cash costs of $619 an ounce. Semafo is also looking to add to production from its Mana gold mine in Burkina Faso, where cash costs are now low, but this was not always the case. Over the past year the company managed to bring all-in cash costs down to $560 an ounce from $1,220. It attributes cost cutting plus the start of mining at two new high-grade pits.

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