U.S. markets, June 10-14

U.S. stocks retreated for the third week in a row, with the Dow Jones Industrial Average dipping 1.2% to 15,070.18, the S&P 500 Index off 1% to 1,626.73 and the Nasdaq Composite down 1.3% to 3,423.55. Markets were volatile ahead of the Federal Reserve’s policy-setting meeting. The Philadelphia Gold and Silver Index dropped 2.9% to 102.56.

Kinross Gold kicked off the week announcing it would not proceed with further development at its Fruta del Norte gold project in Ecuador. The gold major said more than two years of negotiations on exploitation and investment protection agreements with the government of Ecuador had born little fruit. The decision will result in a US$720-million charge in the second quarter. Kinross shares ended the week down US45¢ at US$5.82 per share.

News that oilsands construction firm North American Energy Partners had sold its pilings division to U.K.-based Keller Group sent the company’s shares moving 9.1%, or US39¢ per share higher, to US$4.67. The debt-burdened company will receive US$227.5 million in cash and up to US$92.5 million in additional payments over the next three years. The latter payments depend on Keller meeting profit targets over 36 months.

Buoyed by a recent financing, shares of North American Palladium continued their ascent, climbing 3.7% for the week to close at US$1.11 per share. On June 7 the company announced a US$130-million debt financing from Brookfield Capital Partners, a US$20-million, fully subscribed private placement of flow-through shares, and an extension of a US$60-million revolving operating line of credit until July 2014. Management said it expected the financings would help the company complete the first phase of the expansion program at their flagship Lac des Iles mine in the province of Ontario.

Shares of Cliffs Natural Resources shed US20¢ falling to US$17.74 per share as it announced it was suspending environmental assessment activities at its chromite project in Ontario. The company blamed the suspension on delays related to the environmental assessment process, land-surface rights and negotiations with the province of Ontario.

U.S. most active issues

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		Volume
Company	Symbol	(000s)	High	Low	Close	Change
Freeport McMo*	FCX	97925	31	29.24	29.57	–	0.04
Alcoa*	AA	66079	8.39	8.11	8.12	–	0.21
Arch Coal*	ACI	65350	4.91	3.98	4.24	–	0.67
Barrick Gold*	ABX	55610	20.53	19.21	19.5	–	0.75
Cliffs Nat Rs*	CLF	53076	19.5	17.2	17.74	–	0.2
Alpha Nat Res*	ANR	51916	6.49	5.83	6	–	0.39
Kinross Gold*	KGC	48399	6.44	5.75	5.82	–	0.45
Peabody Enrgy*	BTU	47616	18.77	16.43	16.78	–	1.96
Hecla Mining*	HL	39543	3.64	3.4	3.41	–	0.14
Newmont Mng*	NEM	27982	34.15	32.65	33.19	–	0.57

U.S. greatest percentage change

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		Volume
Company	Symbol	(000s)	High	Low	Close	Change
NovaCopper*	NCQ	1747	2.06	1.74	2.02	+	13.4
North Am En P*	NOA	169	5.32	4.16	4.67	+	9.1
Minco Gold*	MGH	117	0.27	0.23	0.24	+	6
Timberline Rs*	TLR	282	0.2	0.18	0.19	+	4.8
North Am Pall*	PAL	5422	1.16	1.09	1.11	+	3.7
Mag Silver*	MVG	19	7.72	7.38	7.59	+	1.7
Rare Elemt Re*	REE	546	1.97	1.8	1.88	+	1.6
Coeur d Alene*	CDE	5914	14.37	13.63	13.99	+	1.5
Fortuna Silvr*	FSM	879	3.72	3.46	3.59	+	1.4
OM Group*	OMG	606	31.28	30.31	31.01	+	0.5
Crosshair Eny*	CXZ	423	0.06	0.03	0.04	–	46.1
Cardero Res*	CDY	416	0.17	0.13	0.14	–	21.2
Walter Energy*	WLT	7261	15.69	11.77	12.16	–	20.1
Revett Mnls*	RVM	858	0.96	0.76	0.76	–	19.1
Golden Star*	GSS	13198	0.65	0.52	0.54	–	16.6
Midway Gold*	MDW	183	1.17	0.99	1	–	14.5
Alexco Res*	AXU	1547	1.54	1.24	1.32	–	14.2
McEwen Mng*	MUX	10975	2.52	2.06	2.1	–	13.9
Western Coppr*	WRN	358	0.77	0.51	0.62	–	13.8
Arch Coal*	ACI	65350	4.91	3.98	4.24	–	13.6

U.S. greatest value change

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Company	Symbol	Change	Close	Change
North Am En P*	NOA	168802	4.67	+	0.39
NovaCopper*	NCQ	1746989	2.02	+	0.24
Coeur d Alene*	CDE	5913655	13.99	+	0.21
OM Group*	OMG	605503	31.01	+	0.17
Mag Silver*	MVG	18672	7.59	+	0.13
Fortuna Silvr*	FSM	879246	3.59	+	0.05
North Am Pall*	PAL	5421782	1.11	+	0.04
Rare Elemt Re*	REE	546017	1.88	+	0.03
Minco Gold*	MGH	117117	0.24	+	0.01
Primero Mng*	PPP	197475	5.23	+	0.01
Walter Energy*	WLT	7261094	12.16	–	3.06
Mosaic*	MOS	12286703	57.86	–	2.59
Agrium*	AGU	584671	88.8	–	2.46
Franco-Nevada*	FNV	1861675	39.42	–	2.15
Randgold Res*	GOLD	3380967	75.34	–	1.96
Peabody Enrgy*	BTU	47615651	16.78	–	1.96
Cabot Corp*	CBT	1340223	37.39	–	1.68
Consol Energy*	CNX	9215857	31.95	–	1.68
Compass Mnls*	CMP	163813	85.47	–	1.56
BHP Billi-BHP*	BHP	13127955	62.78	–	1.43