Newmont to redeem preferreds

Newmont Mining advanced $1.58 to US$28.19 over the report period ended April 16 as it called for the redemption (in mid-May) of all the issued and outstanding shares of its US$3.35 covertible preferred stock.

Newmont will pay US$50.325 per share, plus US$0.8125 per share in respect of all dividends that will have accrued at the redemption date.

Coeur d’Alene Mines eased off 11 to US$1.13 as production got under way a month ahead of schedule at its new Cerro Bayo high-grade gold-silver mine in Chile.

Rival silver miner Hecla Mining raised its 2002 production estimate at its San Sebastian mine in Mexico by 40% to 2.8 million oz. silver plus 32,000 gold. Hecla slipped 8 to US$2.37 on the week but at presstime was trading at a new 52-week high above US$2.70.

Alcoa advanced 20 to US$37.58 as it restarted idled capacity at its aluminum smelter in Ferndale, Wash. The company will have 575,000 tonnes per year of idled capacity by the end of 2002.

Among the remaining majors: AngloGold rose 74 to US$23.26; Gold Fields was up 86 to US$10.32; Stillwater Mining dropped 41 to US$16.09; BHP Billiton traded down 9 to US$12.38; Phelps Dodge rose 62 to US$39.92; Freeport-McMoRan Copper & Gold‘s B shares advanced a nickel to US$17.62; Rio Tinto retreated 60 to US$80.40; and Anglo American slid 63 to US$16.02.