U.S. stock markets rose slightly over the period Aug. 25-31. The S&P 500 index was up eight points, or 0.73%, and the Dow Jones Industrial Average gained 0.74%, or 75.29 points, to close at 10,173.92 points.
Alcoa led the way in volume, trading 13.1 million shares. The stock rose 81 to close at US$32.38. A new conciliator is working with Alcoa management and the striking union at its smelter in Bcancour, Que.
Durban Roodepoort Deep traded second in volume among the mining stock (11.6 million shares) and rose US4 to close at US$1.76. The South African gold miner reported that it wanted to issue shares to double the amount of its authorized share capital in order to finance growth and acquisitions.
Newmont Mining was up US$1.54, closing at US$44.39 on a volume of 11.5 million shares. Newmont Mining of Canada, a division of the U.S. parent, plans to buy 15 million Gabriel Resources units to become a part owner of the Rosia Montana gold deposit in Romania.
Westmoreland Coal rose $3.15 to close at $29.25 on a volume of 2.7 million shares. It has agreed to buy LG&E Energy’s half-stake in the 230 MW Roanoke Valley power project, in Weldon, N.C., for about US$125 million.
Phelps Dodge traded 7.5 million shares and rose US$3.09 to close at US$81.56. Swiss-based Xstrata beat out Phelps Dodge, Brazil’s Companhia Vale do Rio Doce and Australia’s BHP Billiton for the mining concession of the Las Bambas copper deposits in Peru. The winning bid came in at US$121 million.
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