Posted AT 6:56 AM EST on 25/09/07
Strong loonie may cut into mining profits
The global appetite for Canada's currency threatens to take a bite out of Canadian mining stocks, UBS Securities Canada Inc. warned yesterday.The investment bank lowered its earnings and price targets on several Canadian mining companies yesterday, just a few days after the Canadian dollar reached parity against its U.S. counterpart for the first time in more than 30 years. The hardest-hit names include Agnico-Eagle Mines Ltd., Yamana Gold Inc., HudBay Minerals Inc.
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