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Gold Summary for Feb. 6, 2023

2023-02-06 19:26 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold regained $3.60 Monday, closing at $1,867.90 after a bleak end to last week. The TSX-V nevertheless lost 6.49 points to 613.60 while the TSX gold index slid 3.12 points to 287.80. Oceanagold Corp. (OGC) rose two cents to $2.70 on 1.59 million shares today, but most Canadian gold miners moved lower, some more so than others.

One of those more energetic in retreat was Franco-Nevada Corp. (FNV), which fell $6.35 to $184.17 on 839,000 shares. The drop followed word that shipments of concentrate from the Cobre Panama mine have been suspended until certification of the weigh scales begins. It has begun, the company says, but now it must wait for the Panamanian bureaucrats to respond. Shares of Franco-Nevada's partner at the mine, First Quantum Minerals Ltd. (FM), also took a hit: It fell $2.25 to $25.65 on 5.53 million shares following the news.

Another company in full retreat today was Tom Palmer's Newmont Corp. (NGT), which dropped $2.75 to $63.95 on 397,000 shares. The decline follows word that the company is offering 0.38 share for each share of Peter Tomsett and Sherry Duhe's Newcrest Mining Ltd. (NCM). Newcrest, on the other hand, jumped $2.88 to $22.99 on 448,000 shares on the news of the "conditional and non-binding indicative proposal," one that the company says is better than an earlier offer of 0.363 share that it quietly rejected. The new offer represents a 21-per-cent premium, and so Newcrest will be "considering" the offer.

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