U.S. stock markets didn’t show much change over the period Sept. 8-14. The S&P 500 index was up 7 points, or 0.6%, at 1,128.33 points and the Dow Jones Industrial Average was down 0.2%, or 24.63 points to close at 10,318.16 points.
Just two mining stocks traded over 7 million shares each.
Alcoa was the most active stock by far, trading 27.56 million shares as it fell $2.37 to close at $30.70. The company has warned that its third-quarter results will be lower than expected due to a number of factors, one of which is the Bcancour strike. Talks are resuming with the aid of a conciliator. The Quebec smelter’s 25% owner, Alcan, has declared force majeure on its contracts from the plant. The strike began July 7.
Newmont Mining traded second in volume and rose 72, to close at $44.14 on a volume of 13 million shares. Thousands of Peruvians protested against exploration in the Cerro Quilish area last week. A possible resolution to the dispute may have been found in the suggestion that an independent hydrogeological study be prepared.
Harmony Gold traded 4 million shares and rose 13%, to close at $12.88. South Africa’s National Union of Mineworkers is threatening that 20,000 workers will begin a strike at Harmony’s operations on Oct. 6 due to planned layoffs of thousands of miners in the Free State. Several mines have been losing money so a restructuring is needed. Negotiations continue.
Osprey Gold which trades over the counter, lost 21.5% of its value and closed at 10 on a volume of 3.9 million shares. A director of the company resigned in May and two new directors have been appointed.
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