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MINING REPORTER

It is a good year to be a mining investment banker.

The year isn't over yet, but it has already been a record one for mining financings in Canada, according to the Toronto Stock Exchange.

As of Sept. 30, miners had raised $17-billion on the TSX and TSX Venture.

By comparison, they raised just $3.9-billion by that date in 2008.

It seems the resource sector was quick to learn the lessons from the financial crisis that hit last fall and devastated miners' ability to raise cash.

When commodity prices began recovering early this year, metals producers wasted no time pumping out equity and debt deals. Just a few months before, the capital markets had all but seized, and once they had opened again, miners moved fast.

There have been 264 financings, the majority by gold companies.

Of course, one monster-sized deal stands out. Barrick Gold Corp. sold more than $4-billion worth of its shares in September to pay for the elimination of its ghastly hedge book, in what is the largest stock sale in Canadian history.

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Gold rush

Top 10 TSX mining deals of 2009
Name Type of Financing Gross Proceeds: Canadian Dollars (Millions) Date
Barrick Gold Corporation secondary offering 4,304 Sept.
Teck Resources Limited private placement 1,743 July
Cameco Corporation secondary offering 459 March
Lihir Gold Limited private placement 425 March
Kinross Gold Corporation secondary offering 414 Feb.
Osisko Mining Corporation secondary offering 402 Feb.
Paladin Energy Ltd. private placement 399 Sept.
Franco-Nevada Corporation secondary offering 370 June
Katanga Mining Limited rights 350 June
Inmet Mining Corporation secondary offering 348 June
First Quantum Minerals Ltd. secondary offering 345 April
IAMGold Corporation secondary offering 345 March
Silver Wheaton Corp. secondary offering 308 Sept.
Royal Gold Inc. secondary offering 301 April
Silver Wheaton Corp. secondary offering 287 Feb.
Thompson Creek Metals Company Inc. secondary offering 217 Sept.
Lundin Mining Corporation secondary offering 188 March
Equinox Minerals Limited secondary offering 160 April
Osisko Mining Corporation secondary offering 149 Sept.
Great Basin Gold Ltd. secondary offering 149 March

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