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by Stockwatch Business Reporter
New York spot gold rose $7.50 to $1,946.20 on Monday. The TSX Venture Exchange rose 0.83 point to 511.11 while the TSX gold index dropped 2.05 points to 257.19. Some Canadian gold miners did well today. Artemis Gold Inc. (ARTG) added 29 cents to $5.73 on 133,000 shares, but Osisko Gold Royalties Ltd. (OR) fell 92 cents to $16.63 on 610,000 shares. Neither company had news to start the week.
Two companies that did have news -- just not the good kind -- began the week losing ground. First Quantum Minerals Ltd. (FM) fell 63 cents to $15.65 on five million shares and Franco-Nevada Corp. (FNV) lost $1.85 to $162.84 on 694,000 shares. The two companies say that production at the Cobre Panama gold mine will drop because of a boat blockade delaying shipments of supplies to the operation that are forcing a "ramping down" of one of three ore processing systems at the mine.
First Quantum, a $39 stock in midsummer and which traded above $30 a month ago, took it on the chin just before Halloween when the Panamanian government proposed a referendum that could force the mine to close. That news sent First Quantum's stock below $14 briefly, and dented the chart of Franco-Nevada, which owns a significant precious metals stream on production.
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