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Gold Summary for Dec. 24, 2018

2018-12-24 14:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold jumped $13.30 to $1,268.90 on Christmas Eve. The TSX Venture Exchange was less enthusiastic, adding just 2.71 points to 532.91, but the TSX Gold Index leapt 6.61 points to 186.42. Most Canadian gold miners moved higher with bullion today. Sebastien de Montessus and Michael Beckett's Endeavour Mining Corp. (EDV) rose $1.21 to $21.71 on 295,000 shares. The company said this morning that it has completed the sale of the Tabakoto mine to BCM International Ltd. The two companies tweaked the deal they initially made in September. Endeavour was to get $60-million (U.S.) on closing as payment. It now gets $70-million (U.S.), but only half of it now. Another $10-million (U.S.) is due next year and the other $25-million (U.S.), roughly, will come as a 10-per-cent royalty on the Dar Salaam deposit.

Peter Marrone's Yamana Gold Inc. (YRI), rose 11 cents to $3.29 on 4.42 million shares. The company owns 50 per cent of the Canadian Malartic gold mine in Quebec, with Agnico Eagle Mines Ltd. (AEM: $55.45) holding the rest. The partners heard last week that a request to modify the Odyssey project plan has been deemed environmentally acceptable by Quebec's Minister of Sustainable Development, Environment and the Fight Against Climate Change. (Pity the poor bureaucrat that must utter that moniker each time he answers the phone -- the French is even more unwieldy than the not-to-be-uttered English translation.) The project involves underground mining at the East Malartic and Jeffrey mineralized zones at Malartic.

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