With base metal prices rising across the board in response to a weakening U.S. dollar, U.S.-listed base metal majors basked in new multi-year highs during the 4-day period ended Dec. 22.
Alcoa led the way as the most active mining stock, jumping US$2.74 to a new 20-month high of US$37.75, while Phelps Dodge weighed in as the largest net gainer, soaring US$7.22 to a near 4-year high of US$75.80 as the New Mexico government approved the miner’s reclamation plan for its still-operating Chino copper mine in New Mexico. The more diversified base metal miners also chipped in multi-year highs, with BHP Billiton up US39 to US$17.75, Anglo American rising US85 to US$21.56, and Rio Tinto advancing US$3.78 to US$105.21.
Freeport-McMoRan Copper & Gold missed the party, with shares sinking US$5.49 to US$39.56 as the company declared force majeure on deliveries of copper concentrate from its Grasberg mine in Indonesia. The move stemmed from a 150,000-tonne debris flow.
The world’s largest private-sector coal company, St. Louis-based Peabody Energy, shot up US$3.63 to US$42.75 as it announced two preliminary acquisitions. Peabody is buying the 7.5-million-ton-per-year Twentymile low-sulphur coal mine near Steamboat Springs, Colo., from RAG Coal International, and is picking up a 25% stake in Venezuela’s Carbones del Guasare, a joint venture involving RAG, Anglo American and Carbozulia that operates the slightly smaller Paso Diablo open-pit mine in northwestern Venezuela. No dollar figures for the acquisitions were released.
Be the first to comment on "Miners hit new highs"