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Allied Nevada Files For Bankruptcy

By Kitco News

(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

MAG Silver Corp. (TSX: MAG) (NYSE: MVG) also had itself a nice little week, posting a 3.3% gain as of Thursday's close to finish at C$8.60. The 52-week range has fluctuated between C$11.42-$C6.56.

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.

Barrick Gold Corp. (TSX: ABX) (NYSE: ABX) declined 2.2% through Thursday's close to finish at C$13.95 Canadian dollars. The 52-week range stands at $21.10-$10.04.

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; newsfeedback@kitco.com

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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