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Gold Summary for May 22, 2024

2024-05-22 18:11 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $41.90 to $2,378.90 on Wednesday. The TSX Venture Exchange moved lower as well, dropping 9.2 points to 611.32 while the TSX gold index slid 10.57 points to 328.26. Most precious metals miners listed in Canada were in full retreat today. Lundin Mining Corp. (LUN) lost $1.43 to $16.36 on 6.31 million shares and Hudbay Minerals Inc. (HBM) kept it company, dropping $1.19 to $12.96 on 10.49 million shares.

Renaud Adams's Iamgold Corp. (IMG) slid 63 cents to $5.50 on 9.57 million shares on word it has arranged to sell 72 million shares at $4.17 (U.S.) per share -- about $5.60 Canadian -- on a bought-deal basis. The sale will rake in $300-million (U.S.), or $345-million (U.S.) if the underwriters choose to exercise their greenshoe option. The cash, says Mr. Adams, president and chief executive officer, will be used to help repurchase a 9.7-per-cent interest in the Cote mine in Ontario from Sumitomo Metal Mining Co. Ltd., a transaction that will restore Iamgold's 70-per-cent interest in the mine.

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