TSX posts gain, Mar. 1-5
The S&P/TSX Composite Index advanced 1.80% to 18,381.00. The S&P/TSX Global Base Metals Index climbed 1.21% to 165.45, and the S&P/TSX Global Mining Index rose 1.16% to 106.23. Spot gold fell US$35.50 per oz. to US$1,700.10 and the S&P/TSX Global Gold Index increased 4.07% to 280.38.
Suncor Energy rose $2.55 to $27.82 per share. The company announced it priced an offering of US$750 million in senior unsecured notes due on March 4 2051 that have a coupon of 3.75%; and priced a $500 million senior unsecured Series 8 Medium term notes due on the same date. The Canadian notes have a coupon of 3.95%. Suncor plans to use the net proceeds to repay commercial paper and for general corporate purposes. It also announced that it has provided an early cancellation notice to its banking partners in relation to $2.8 billion in bi-lateral credit facilities. The credit facilities had a two-year term and were entered into in March and April 2020 to ensure the company had ac
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Labrador Iron Ore Royalty (TSX:LIF).
Labrador Iron Ore Royalty is a Toronto-based investment company that provides investors exposure to the iron ore market. The company holds a 15.10% equity interest in the Iron Ore Company of Canada (IOC), one of North America’s largest iron ore producers and exporters.
Iron ore is the raw material used to make pig iron, one of the main raw materials in steel. In fact, nearly all of the mined iron ore (approximately 98%) is used to make steel.
Labrador Iron Ore holds mining leases and licenses on nearly 45,000 acres of land near Labrador City, Newfoundland and Labrador. IOC leases a portion of this land to mine iron ore.
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