U.S. stock markets climbed marginally higher during the April 5-11 period. The S&P 500 index rose 5.09 points to close at 1,181.21 and the Dow Jones Industrial Average rose 27.42 points to finish at 10,448.56.
Among mining stocks, Alcoa led the way in volume, rising US$1.09 to close at US$31.17 as 24.9 million shares changed hands. First-quarter results saw sales increase by 13% to US$6.29 billion. Net income fell to US$260 million, or US30 per share. Earnings from continuing operations totalled US31 per share.
Just two mining stocks (down from six in the previous week) traded more than 10 million shares apiece:
Phelps Dodge gained US60 to close at US$100.71 on a volume of just over 7 million shares. A unit of the company owns almost 9 million shares of Southern Peru Copper, which is merging with Mexican copper miner Minera Mexico. Phelps Dodge will own 7.5% of the new Southern Peru, which, at its inception, will be the world’s largest listed company in terms of copper reserves.
Crystallex International rose 11.7%, to close at US$4.19 on a volume of 2.7 million shares. Engineering work is almost complete at its Las Cristinas property, and the company expects to receive its final permit this quarter, allowing mine construction to begin.
Cambior lost 15% to close at US$1.85 as 1.9 million shares crossed the floor. The company produced a record 694,100 oz. gold in 2004 and expects to crank out 621,000 oz. this year.
Uranium Resources, which trades over the counter, fell 18% to close at US58 on a volume of 3.8 million shares. The company reported a 2004 net loss from operations of US$2.7 million, primarily because of costs related to bringing the Vasquez uranium property into production.
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