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by Stockwatch Business Reporter
New York spot gold rose $10.50 to $1,336.60 Monday, following reports of violence from the Ukraine and Thailand. The Group of 20 met in Australia over the weekend to discuss money printing by industrial economies. Here in Canada, the TSX Venture Exchange lost 2.71 points, while the TSX Gold Index added a fraction to 205.17.
Canadian gold miners ended some up, some down. Allied Nevada Gold Corp. (ANV) climbed 32 cents to $6.44, Kinross Gold Corp. (K) added three cents to $5.85, Goldcorp Inc. (G) lost 12 cents to $30.55 and Iamgold Corp. (IMG) lost six cents to $4.38.
Richard Warke's Augusta Resource Corp. (AZC) fell six cents to $3.52 on 1.35 million shares, after the company told its shareholders to reject Hudbay Minerals Inc.'s (HBM: $8.70) "low-ball" $540-million bid ($2.96 a share). Hudbay, which already owns 23 million Augusta shares, or 16 per cent of the company, has offered 0.315 of a share for each Augusta share it does not own. Hudbay is after the company's Rosemont copper-silver-moly project in Arizona, where Augusta awaits a final permit, expected shortly. Then, the company can begin building its $1.2-billion mine. Mr. Warke says 12 banks are interested in lending the company a total of $890-million, but the financing has yet to close. Hudbay has more than enough money to start building with $6.7-billion in working capital. President Warke, however, will not tender his 10.8 million Augusta shares, for 3.4 million shares of Hudbay, about $32-million. He made a similar decision when his gold company, Ventana Gold Corp., received a $1.5-billion takeover offer from Eike Batista in 2011. Then, Mr. Warke refused to tender his four million Ventana shares, until Mr. Batista upped his bid, to $13.06 a share from $12.80. Mr. Warke ended up receiving $54.4-million.
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