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Gold Summary for April 23, 2015

2015-04-23 21:04 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $6.70 to $1,193.50 Thursday. The TSX Venture Exchange rose 1.93 points to 699.48 and the TSX Gold Index rose 3.05 points to 163.86.

Canadian gold miners ended the day up. Agnico Eagle Mines Ltd. (AEM) climbed $1.53 to 1.65 million shares, Eldorado Gold Corp. (ELD) rose eight cents to $5.93, Goldcorp Inc. (G) rose 64 cents to $23.71 and Barrick Gold Corp. (ABX) gained 21 cents to $15.34 on 2.07 million shares.

Barrick has received bad news from Chile: the country's Superintendencia del Medio Ambiente (SMA) has found 10 new environmental infractions regarding the company's stalled Pascua Lama gold project. In 2012, the SMA tried to levy Barrick with a $16-million fine (the maximum amount possible) for 23 environmental infractions. Barrick appealed, and a Chilean court ordered the SMA to retract its fine. It also ordered the regulator to fine Barrick individually for each of the 23 violations, which means an amount likely much greater than $16-million. The SMA has spent the past 13 months tallying up its new numbers. With these additional 10 infractions Barrick is expecting around $30-million in fines.

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