A good week for the United States stock markets was an even better week for the mining stocks. The Standard & Poor’s 500 Index was up 1.5% at 1,455.54 points, while the Philadelphia Gold and Silver Index rose 2.2% to 143.12.
But it was the base metal producers leading the market, with several touching new 52-week highs in trading during the period. Southern Copper was one of those, hitting US$69.70 before finishing US$4.61 higher at US$68.02. Companhia Vale do Rio Doce was up US$2.92 at US$35.90, with a side trip to US$36.68, and Anglo American rose US$1.06 to US$24.89, touching a 52-week high of US$25.24.
We Said It’s Rational, Not Efficient Dept.: Phelps Dodge closed at US$124.00, still US$2.57 below the implied price of the offer from Freeport-McMoRan Copper & Gold. One of a very few explanations for the gap — that Freeport might be the target of a takeover offer from one of the werewolves, derailing the bid for PD — now looks unlikely.
The golds were strong, though not as strong as the base metal equities. But AngloGold Ashanti missed out on the fun, falling US48 to US$47.25. AngloGold posted a loss of US$80 million for the year, on US$3.1 billion in revenue, and a loss of US$103 million for the final quarter of 2006, on US$818 million in revenue. Taking out derivatives and other financial-instrument losses, AngloGold made US$413 million on the year, but the headline loss — and a US$2.9-billion negative value on the AngloGold hedge book — may have weighed on the market.
The other large golds made gains, though. Newmont Mining was up US92 at US$46.26, Gold Fields was US39 better at US$17.49, and Harmony Gold Mining added US33 to close at US$13.49. Down in the mid-tiers there were also some nice gains, with Minas Buenaventura jumping US$1.04 to close at US$29.76 and Hecla Mining rising US12 to US$7.30.
Coeur d’Alene Mines was among the more active precious metal stocks, with 29.3 million shares traded. It rose US27 to US$4.54. Coeur said it had assurances from the Bolivian government that the San Bartolome project was not a target for the government’s nationalization program.
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Liberty Star* | LBTS | 2080 | 0.99 | 0.63 | 0.945 | + | 47.6 |
Cumberland Rs* | CLG | 3931 | 7.54 | 5.81 | 7.35 | + | 24.5 |
Geocom Res* | GOCM | 83 | 0.28 | 0.235 | 0.27 | + | 22.7 |
Fischer-W Gld* | FWGO | 241 | 0.078 | 0.065 | 0.078 | + | 20.0 |
Queenstake Rs* | QEE | 3602 | 0.19 | 0.16 | 0.19 | + | 18.7 |
Uranerz Energ* | URZ | 2319 | 4.29 | 3.61 | 4.29 | + | 18.1 |
Contintl Mnls* | KMKCF | 698 | 1.80 | 1.52 | 1.74 | + | 15.2 |
Northern Orio* | NTO | 4157 | 4.15 | 3.60 | 4.10 | + | 14.8 |
Miramar Mng* | MNG | 3497 | 4.79 | 3.88 | 4.77 | + | 14.3 |
Apollo Gold* | AGT | 4665 | 0.69 | 0.60 | 0.69 | + | 13.1 |
Equitable Mng* | EQBM | 8488 | 0.008 | 0.005 | 0.007 | – | 22.2 |
Shoshone Silv* | SHSH | 117 | 0.30 | 0.237 | 0.245 | – | 19.6 |
NT Holding* | NTHH | 14 | 0.16 | 0.15 | 0.15 | – | 16.6 |
Konigsberg* | KGBC | 62 | 0.22 | 0.175 | 0.175 | – | 16.6 |
Sao Luis Mng* | SAOL | 1613 | 0.60 | 0.39 | 0.41 | – | 12.7 |
Tara Gold* | TRGD | 1634 | 1.23 | 1.05 | 1.08 | – | 11.4 |
Radius Gold* | RDUFF | 382 | 0.52 | 0.45 | 0.45 | – | 10.0 |
Cusac Gold Mn* | CUSIF | 479 | 0.22 | 0.20 | 0.20 | – | 9.0 |
Bullion Rvr G* | BLRV | 542 | 0.84 | 0.76 | 0.80 | – | 6.9 |
Halo Res* | HLOSF | 22 | 0.40 | 0.383 | 0.40 | – | 6.7 |
U.S. greatest value change
VOLUME | CLOSE | CHANGE | |||
Potash C Sask* | POT | 3901155 | 160.73 | + | 10.61 |
Rio Tinto* | RTP | 1691441 | 220.80 | + | 10.37 |
Soc Quim&M Ch* | SQM | 85271 | 139.40 | + | 7.35 |
Teck Comin B* | TCK | 1356745 | 75.64 | + | 5.31 |
Southern Peru* | PCU | 8339940 | 68.02 | + | 4.61 |
Freeport McMo* | FCX | 30660745 | 57.56 | + | 4.31 |
Cleveland-Cli* | CLF | 2475552 | 55.82 | + | 3.09 |
CVRD* | RIO | 36184773 | 35.90 | + | 2.92 |
Mosaic* | MOS | 12839620 | 25.23 | + | 2.87 |
Alcan* | AL | 9105284 | 54.76 | + | 2.57 |
Aber Diamond* | ABER | 112045 | 38.04 | – | 1.78 |
AngloGold Ash* | AU | 4325563 | 47.25 | – | 0.48 |
Gold Reserve* | GRZ | 473782 | 5.11 | – | 0.27 |
Banro Res* | BAA | 56300 | 11.33 | – | 0.27 |
Tara Gold* | TRGD | 1634077 | 1.08 | – | 0.14 |
Mesabi Trust* | MSB | 172000 | 22.47 | – | 0.14 |
Fording C C T* | FDG | 3528992 | 23.00 | – | 0.14 |
Agnico-Eagle* | AEM | 9267670 | 39.95 | – | 0.14 |
Foundatn Coal* | FCL | 4689995 | 31.16 | – | 0.12 |
NovaGold Res* | NG | 947479 | 16.50 | – | 0.12 |
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | |||
Alcoa* | AA | 73003 | 36.05 | 34.04 | 34.78 | + | 1.88 |
CVRD* | RIO | 36185 | 36.68 | 33.30 | 35.90 | + | 2.92 |
Freeport McMo* | FCX | 30661 | 58.60 | 54.02 | 57.56 | + | 4.31 |
Goldcorp* | GG | 29321 | 29.49 | 28.18 | 28.21 | + | 0.12 |
Coeur d Alene* | CDE | 29281 | 4.64 | 4.26 | 4.54 | + | 0.27 |
Phelps Dodge* | PD | 22486 | 124.93 | 122.30 | 124.00 | + | 2.50 |
Newmont Mng* | NEM | 19958 | 46.562 | 45.53 | 46.26 | + | 0.92 |
StreetTr Gold* | GLD | 19188 | 66.66 | 65.55 | 66.36 | + | 0.69 |
Barrick Gold* | ABX | 18124 | 31.847 | 30.62 | 31.29 | + | 0.98 |
Golden Eagle* | MYNG | 16017 | 0.015 | 0.013 | 0.014 | + | 0.001 |
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