Even with gold languishing in the low US$350-per-oz. range, all the U.S.-listed gold majors enjoyed strong gains through the report period ended July 1.
Sector-leader Newmont Mining jumped $1.58 to US$33.34 as it reported it had received tenders totalling US$196.8 million (representing 83%) in response to its offer to buy, for US50 on the dollar, the US$237.2 million in principal amount of the outstanding 8.8% senior notes issued by Newmont’s Yandal subsidiary in Australia.
Among the rest: AngloGold popped up $1.76 to US$33.27; Royal Gold surged $1.07 to US$22.35; Minas Buenaventura soared $1.56 to US$30.92; Gold Fields rocketed 72 to US$12.76, and Ashanti rose 54 to US$8.34.
Despite dropping a nickel to US$29.92, Brazilian iron-ore giant CVRD celebrated the opening of its RDMN plant in Norway, which has an annual capacity of 100,000 tonnes of ferro alloys. The plant will produce ferro-silicon manganese and ferro-manganese high-carbon alloys, using feed supplied by CVRD’s Azul mine in Brazil’s Para state.
Alcoa eased up 13 to US$25.50 as it was awarded a contract to supply aluminum for the hoods of Ford’s re-designed F-150 pickup truck, the best-selling vehicle of any type for the past 20 years;
BHP Billiton lost 34 to close at US$11.48 even though it reported that its Chinook exploration well in the Gulf of Mexico discovered a 620-ft. gross hydrocarbon column containing 260 ft. of net oil.
Declining $2.31 to US$76.77, Rio Tinto axed 120 positions at its Kennecott Utah Copper subsidiary, reducing the workforce there to about 1,425.
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