Coeur sets records

Last year was a banner one for Coeur d’Alene Mines, as the company set records for silver and gold production. Silver output rose 36% to 14.8 million ounces, produced at a cash cost of $2.89 per oz., while gold production jumped 22% to 117,114 oz.

Things were far bleaker, however, in Coeur’s financial statements, which showed it had lost US$81.2 million, or US$1.04 per share, in 2002, partly as a result of US$19 million in property writedowns and a US$19.1-million loss on the early retirement of debt. Coeur d’Alene ended the week up 2 to US$1.27.

Though gold fell heavily over the period to the low US$330-per-oz. range, the U.S.-listed gold majors were little-affected: Newmont Mining jumped $1.32 to US$25.98; AngloGold rose 61 to US$29.82; Gold Fields added 23 to reach US$10.62; Harmony Gold rebounded 40 to close at US$12.50; Royal Gold tacked on $1.38 to hit US$14.77; and Ashanti Goldfields was down 2 to US$5.80.

Citing increased demand for alumina, Alcoa World Alumina, the joint venture between Alcoa and Australia’s Alumina (spun off from WMC), announced it would boost production 28% to 2.3 million tonnes annualy at its refinery in Point Comfort, Tex., by June 30. Globally, the joint venture has 13.9 million tonnes of annual capacity. Alcoa jumped $1.26 over the week to finish at US$21.14, and seems to have found price support at these levels after tumbling from the upper US$30 range less than a year ago.

Rio Tinto slumped 65 to US$80.10 as it reported the sale of its 25% interest in Minera Alumbrera in Argentina and its wholly owned Peak gold mine in Australia to Canada’s Wheaton River Minerals for US$210 million.

Among the rest: Anglo American rose 66 to US$15.16; BHP Billiton advanced 27 to US$11.11; Phelps Dodge gained $2.10 to reach US$33.99; Freeport-McMoRan moved ahead 86 to US$17.67.

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