Golds drop on profit-taking

After several weeks of spectacular gains driven by higher bullion prices, U.S.-listed gold stocks retrenched over the report period that ended June 4.

Newmont Mining fell 41 to US$31.56, AngloGold dropped 94 to US$33.35, Gold Fields sank $2.03 to US$14.07, Compania de Minas Buenaventura plummetted $1.61 to US$30.10, Harmony Gold retreated $1.96 to US$16.91 as it reached an agreement with workers to resolve a strike at its Kalgold operations, and platinum producer Stillwater Mining dropped $1.49 to US$16.50. Only Ashanti Goldfields bucked the trend, rising 8 to US$6.32;

Among the silver producers, Coeur d’Alene Mines was up 21 to US$2.09 as it closed a US$16-million financing, the proceeds of which will be used to retire an outstanding US$9.4-million, 6% convertible subordinated debenture due June 10, 2002.

Meanwhile, Hecla Mining soared 85 to US$5.30 as it enjoyed more drilling success at its Cerro Pedernalillo silver-gold exploration project at the San Sebastian property in central Mexico, near the Francine vein, which is now in production.

The base metal majors were mostly under downward pressure throughout the week, despite the relative stability in metal prices: Alcoa fell back $1.98 to US$33.42; BHP Billiton lost 35 to reach US$12.40; Freeport-McMoRan Copper & Gold dropped 91 to US$19.89; Phelps Dodge tacked on 99 to hit US$39; Rio Tinto slipped $1.75 to US$76.75; Anglo American retreated 52 to US$18.43; and Southern Peru Copper eased down 34 to US$14.65.