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by Stockwatch Business Reporter
New York spot gold rose $6.80 to $1,582.50 on Thursday. The TSX Venture Exchange lost 0.51 point to 570.49 while the TSX Gold Index slipped 0.84 point to 260.3. Barrick Gold Corp. (ABX) bucked the trend, adding $1 to $26.12 on 12.68 million shares. The increase comes on the heels of Thursday's 73-cent jump on 12 million shares. The gains were triggered by word that the government of Senegal has given approval for Teranga Gold Corp. (TGZ: $7.66) to acquire Barrick's a 90-per-cent interest in the Massawa gold project. In that deal, arranged last year, Teranga agreed to pay Barrick $300-million (U.S.) in cash and issue it 20.72 million shares.
Moving the other way was Sean Boyd's Agnico Eagle Mines Ltd. (AEM). The company said late Thursday that it earned $470-million (U.S.) last year. In doing so, Agnico beat its 2019 production guidance, setting a production record. It also expects production growth of nearly 20 per cent through 2022 and projects declining operating costs over the next few years. Nevertheless, its stock slumped $12.23, ending the day at $66.06 on 5.74 million shares.
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Think AEM got hit too hard. Sold 40% of my Agnico, but will now wait and see.