With gold prices firming up well above the US$300-per-oz. mark, investors in U.S.-traded gold stocks enjoyed another week of strong gains.
Gold Fields shot up $1.70 to US$13.80 on heavy volume as the South African major posted a 64% increase in quarterly earnings to a record US$98 million, or US21 per share. The rise is attributed to the full quarter’s inclusion of the St. Ives and Agnew mines in Australia, the inclusion of the Ghanaian Damang mine for February and March, improved output from the Free State and Driefontein divisions in South Africa, and higher gold prices achieved in both Rand and U.S. dollar terms. During the recent quarter, production totalled 1.1 million oz. gold at a total cash cost of US$160 per oz.
The rest of majors were up across the board: Newmont Mining advanced 71 to US$29.22; AngloGold rose $3.20 to US$30; Harmony Gold jumped $1.47 to US$14.53; and Ashanti Goldfields climbed 90 to US$5.90 as it posted improved quarterly earnings of US$16.5 million on flat production levels.
In the base metals sector: Alcoa rebounded 55 to US$34.43; Phelps Dodge advanced 80 to US$36.60 on strong quarterly results; BHP Billiton traded up 5 to US$11.60; Freeport-McMoRan Copper & Gold slipped 8 to US$17.68 as it posted a US$4.2-million quarterly loss on falling revenue; Rio Tinto dropped a quarter to US$75.40; and Anglo American rose 80 to US$16.45 as it announced the acquisition of copper assets in Chile and the disposal of nickel mines in Africa.
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