(Kitco News) - Allied Nevada Gold Corp.'s (TSX: ANV) (NYSE: ANV) bankruptcy filing stole center stage in the mining world this week. Allied Nevada filed for chapter 11 protection on March 10 creating a restructuring supported by the majority of its creditors that included a fresh cash injection of $78 million. Daily operations are expected to continue with no interruption in business.
Allied Nevada closed out the week as of Thursday's close on the New York Stock Exchange with a 3.7% percent decline, settling at C$1.08. This week Moody's Investor's Service downgraded Allied Nevada's rating to Ca from Caa1.
Looking at the winner's list, it was a strong week for Kirkland Lake Gold Inc. (TSX: KGI) as the stock surged 7.3% higher through Thursday's final bell to settled at C$5.17. The company released financial results for the third quarter of fiscal 2015 on March 11, which revealed the firm generated positive free cash flow of $11.6 million during the quarter. The 52-week range stands from $6.19-$2.51.
Agnico-Eagle Mines Ltd. (TSX: AEM) (NYSE: AEM) also churned out gains this week, finishing up 1% through Thursday's close at C$36.48. This week the company filed an updated technical report on the Meliadine gold project in Nunavut, Canada. The report details projections at Meliadine based on extracting a total of 3.3 million ounces of gold in proven and probable mineral reserves
Randgold Resources Ltd. (NASDAQ: GOLD) gained .25 cents or up 0.3% this week through Thursday's close at $69.50. The stock has been in a declining trend since trading at a high just over the $85.00 level in late January. The 52-week high stands at $89.89 and the 52-week low is seen at $58. Announced this week, a cash dividend payment of 60 cents per share is scheduled to be paid on June 9, 2015.
It was not a great week for Silvercorp Metals Inc. (TSX: SVM) (NYSE: SVM), which closed out Thursday's session down 0.8% at $1.20 on the New York Stock Exchange. The 52-week high stands at $1.04 with the 52-week high at $2.39. This week, Silvercorp received a buy rating from First Call Corporation, a division of Thomson Reuters, according to reports.
Goldcorp Inc. (TSX: G) (NYSE: GG) also fell this week, with a 0.6% decline to close out Thursday's session at C$23.87. This week Jefferies upgraded Goldcorp to "hold" from underperform, reports said. In U.S. dollars, the 52-week range stands at $29.65-$17.01. The stock has been in a declining trend since the late January high at above $24.00 down to the March 12 close at $18.35.
Silvercrest Mines Inc. (TSX: SVL) (NYSE: SVLC) posted a 6.3% loss as of Thursday's close to settle at $1.07 on the New York Stock Exchange. The 52-week high stands at $2.77, with the 52-week low at $1.31.
That wraps up this week's Mining Picks roundup. Come back for more highlights next week.
By Kitco News; firstname.lastname@example.org