Post by trainboy on Mar 3, 2009 9:34:00 GMT -5
The article follows.
Well, DRV may or may not be in the top 100 grouping, but it certainly dropped a significant amount during the same time period. So, it would seem that the entire sector has been hard hit (not unsurprisingly)....we just have to wait for the turn-around
Trainboy
Mon Mar 2, 2:47 PM
By The Canadian Press
TORONTO - The value of the top 100 junior mining companies listed on the TSX Venture Exchange plunged by 77 per cent over a five-month period from July to November, PricewaterhouseCoopers says. The accounting and consulting firm says the global financial crisis of 2008 "shattered the junior mining industry in Canada and around the world."
From June 2007 to June 2008, the top 100 TSX Venture mining companies fell in value to $18.1 billion from $20.2 billion on June 30, 2007, a decline of 10 per cent over 12 months. By the end of November 2008, market capitalization of the top 100 TSX Venture mining companies had plummeted another $14 billion to $4.1 billion, PwC says.
The mining sector still represented half of the market capitalization on the TSX Venture Exchange, but that's down from 65 per cent, although mining listings increased by 28 to 1,085. "This reinforces the notion that market capitalization among the sector did not decline because the TSXV was losing mining companies, but because the listed companies were collectively losing share value," said Paul Murphy, head of PwC Canada's mining practice.
The PwC issued its report as the Prospectors and Developers Association of Canada holds its annual conference in Toronto. A second PwC report, also issued Monday, found that the number of mergers and acquisitions mining deals globally fell by 61 per cent in the fourth quarter of 2008, close to levels last seen in 2005.
Well, DRV may or may not be in the top 100 grouping, but it certainly dropped a significant amount during the same time period. So, it would seem that the entire sector has been hard hit (not unsurprisingly)....we just have to wait for the turn-around
Trainboy
Mon Mar 2, 2:47 PM
By The Canadian Press
TORONTO - The value of the top 100 junior mining companies listed on the TSX Venture Exchange plunged by 77 per cent over a five-month period from July to November, PricewaterhouseCoopers says. The accounting and consulting firm says the global financial crisis of 2008 "shattered the junior mining industry in Canada and around the world."
From June 2007 to June 2008, the top 100 TSX Venture mining companies fell in value to $18.1 billion from $20.2 billion on June 30, 2007, a decline of 10 per cent over 12 months. By the end of November 2008, market capitalization of the top 100 TSX Venture mining companies had plummeted another $14 billion to $4.1 billion, PwC says.
The mining sector still represented half of the market capitalization on the TSX Venture Exchange, but that's down from 65 per cent, although mining listings increased by 28 to 1,085. "This reinforces the notion that market capitalization among the sector did not decline because the TSXV was losing mining companies, but because the listed companies were collectively losing share value," said Paul Murphy, head of PwC Canada's mining practice.
The PwC issued its report as the Prospectors and Developers Association of Canada holds its annual conference in Toronto. A second PwC report, also issued Monday, found that the number of mergers and acquisitions mining deals globally fell by 61 per cent in the fourth quarter of 2008, close to levels last seen in 2005.