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Gold Summary for Feb. 19, 2021

2021-02-19 19:26 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold ended the week with a gain, adding $7.90 to $1,783.20 on Friday. The TSX Venture Exchange was strong, adding 26.47 points to 1,098.56 while the TSX gold index lost 5.12 points to 281.01. Pan American Silver Corp. (PAAS) bucked the downdraft, adding 41 cents to $41.01 on 601,000 shares, but today's laggard was Michael Holmes's Oceanagold Corp. (OGC). It fell 15 cents to $1.90 on 7.34 million shares on word that it lost $150-million (U.S.) last year. An $80-million (U.S.) impairment hit related to the timing uncertainty of a restart at the Didipio mine accounted for more than half the loss, but revenue was $150-million (U.S.) lower in 2020 than the year before, largely the result of COVID-19 restrictions.

Mr. Holmes, president and chief executive officer, is buoyed to kiss 2020 goodbye and look ahead to "a very exciting period for the company and our shareholders." He cheers that Oceanagold will be bringing three new underground mines into production over the next three years. (The company has the underground mine at Martha already producing, while the Golden Point underground mine at Macraes should reach production late this year. Development of the Haile underground mine is expected to start later this year, with first production expected within three years.)

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