BHP curbs copper output

BHP Billiton, the world’s largest mining company, announced that its 2003 copper production target for the world’s largest copper mine, Escondida in Chile, is being set at 1.05 million tonnes, while another 34,000 tonnes of cathode will be produced at its Tintaya mine. The Pinto Valley and Robinson mines in the southwestern U.S. will remain on standby status. Thus, BHP will be producing at a whopping 305,000 tonnes copper below its attributable installed capacity in calendar 2003. Over the report period ended Dec. 3, BHP rose 63 to US$11.30;

OM Group emerged as the volume leader in the U.S. The troubled cobalt producer rebounded another $1.99 to US$7.74 after touching a multi-year low of US$4 only a few weeks earlier.

Among the rest of the base metal miners: Anglo American was up 63 to US$14.13; Rio Tinto surged $5.02 to US$81.50; Phelps Dodge recovered $2.51 to hit US$31.21; Alcoa gained 27 to reach US$24.77; CVRD added $1.13 to close at US$27.61; and Freeport-McMoRan eased up 31 to US$15.09.

Turning to the U.S.-listed gold majors: Newmont Mining rose 66 to US$24.33; AngloGold rebounded $2.18 to US$28.80; Gold Fields shot up $1.29 to US$11.99; Durban Deep advanced 18 to US$3.35; and Harmony Gold rocketed $1.95 to US$14.42 during its inaugural week of trading on the Big Board. Ashanti Goldfields went the other way, declining another 13 to US$5.11.

U.S. silver stocks generally moved in sympathy with the golds: Coeur d’Alene Mines climbed 8 to US$1.54; Hecla Mining was off 4 to US$3.86; Apex Silver Mines jumped 60 to US$14.05; and Silver Standard advanced 32 to US$4.23.

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