The S&P/TSX Venture Composite Index fell 58.55 points or 6.34% to finish the August 16-20 trading week at 864.51. Spot gold fell US$1.00 per oz. to US$1,780.70 per ounce.
Shares of Neo Battery Materials rose 17 ? to 78 ?. The junior announced it had successfully produced the first prototype of silicon (Si) anode active materials and sent samples to partners for cell evaluation and electrochemical characterization. The Vancouver-based company has five patents on its silicon nanocoating process, and its goal is to become an integrated silicon producer and anode materials supplier to the electric vehicle industry. The company also has 467 hectares of mining claims targeting silica in quartzite in Golden, British Columbia.
Western Magnesium rose 16 ? to 77 ?. The junior announced it had chosen Harrison County in Ohio as the site for the first full-scale deployment of its proprietary magnesium extraction technology in the United States. The company noted that the 122-acre (49 hectare) is adjacent to the future home a mixed fuels power plant; is close to supply of dolomite; and near rail and highways. Western Magnesium said it plans to build a 100,000 tonne plant, which it says is the equivalent of about 10% of the world's current supply. The plant will produce 99.8% pure magnesium metal and the company said it plans to break ground on the plant in the next 18 months.
Pure Energy Minerals climbed 15 ? to $1.45 per share. Pure Energy Minerals reported on August 17 that Schlumberger, its partner and operator of the Clayton Valley lithium project in Nevada, has received approval from the Bureau of Land Management for a plan of operations covering the construction and operation of a pilot plant at the lithium brine project. Schlumberger has also received permit approval for the associated reclamation plan from the Nevada Division of Environmental Protection.
Noront Resources rose 2 ? to 59 ? per share. On August 20 the junior's board of directors recommended that shareholders accept BHP's all-cash offer for the company proposed on July 27, which it says is fair and is superior to an earlier offer from Wyloo Metals announced on May 25. BHP's offer of 55 ? per share, which represents a premium of 129% to Noront's closing share price of 24 ? per share on May 21, the last trading day prior to Wyloo's offer of 31.5 ? per share. Noront noted that BHP's offer price is 75% higher than that of Wyloo Metals. Noront is developing its Eagle's Nest nickel, copper, platinum and palladium deposit and chromite deposits (Black Bird, Black Thor and Big Daddy), all of which are situated in the James Bay lowlands of Ontario's Ring of Fire. In a press release announcing its offer for Noront, BHP's chief development officer, Johan van Jaarsveld, said the proposed acquisition "presents a world-class growth option, in a key future-facing commodity," and noted that the 'prospective' Eagle's Nest project "provides an excellent platform from which to develop further opportunities in Ontario's Ring of Fire."