U.S. stock markets fell over the holiday-shortened period March 22-28. The S&P 500 index ended the period down 9.5 points, at 1,174.28 points, and the Dow Jones industrial average fell 79.74 points, to close at 10,485.65 points.
DRDGOLD (formerly Durban Roodepoort Deep) was the volume leader among mining stocks, trading 20.2 million shares and finishing up US17, or 20% higher, at US$1.02. The company closed its South African North West mines, putting 6,500 people out of work. The cuts will slash production by a third, though cash costs overall should improve by nearly US$80 to around US$320 per oz.
Alcoa fell US$1.41 to close at US$30.05, with 18.5 million shares changing hands. A fire damaged a conveyor belt at the Valco aluminum smelter in Ghana, postponing the resumption of smelting operations, which had been planned for June. In other news, Alcoa Fujikura, a cable and telecommunications joint venture, will be split, with Alcoa retaining the automotive cable business and Fujikura hanging on to the telecom business.
US Energy fell 25% after surging 82% in the previous period. Shares closed at US$5.70 after 11.4 million shares traded. The company has filed a request to reopen the Shootaring Canyon uranium mill in Utah.
Coeur d’Alene Mines fell 13.7%, or US55, to close at US$3.44 on a volume of 7.3 million shares. The company has delayed filing its annual report with U.S. securities regulators and has warned that its financial statements and related assessment of its internal controls over financial reporting may show material weaknesses.
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