Stock markets south of the line made good gains during the reporting period March 6-12, as the Standard & Poor’s 500 Index rose 32.48 points, or 2.4%, to 1,406.60.
Companhia Vale do Rio Doce was the most active of the New York-listed mining stocks, rising US$3.79 to US$35.64 on a volume of 59 million shares. CVRD earned US$6.5 billion on revenues of US$20.4 billion in 2006, or US$2.69 per share; in 2005 it earned US$4.8 billion on US$13.4 billion in revenues. BHP Billiton, which rose US$2.91 to US$43.59, had the best price move among the other three of the Big Four, while Anglo American was up US$1.68 to US$24.26 and Rio Tinto moved US$9.97 higher to US$211.09.
Freeport-McMoRan Copper & Gold picked up US$4.85 to finish at US$57.94, as Phelps Dodge crept up US$4.37 to US$126.66, now only US16 away from the market value of Freeport’s cash-and-shares bid. There was another powerful price move from Southern Copper, which closed up US$4.01 at US$68.70.
Junior molybdenum developer Idaho General Mines was up US55 at US$2.81, on the announcement that the company would follow up development of the Mount Hope molybdenum deposit in Eureka Cty., Nev., with feasibility work on the Hall-Tonopah deposit, about 200 km south, in Nye Cty.
The mid-tier golds mostly made better gains than their big brothers. Hecla Mining was up US73 at US$8.17, Randgold Resources gained US$1.70 to finish at US$23.29, and Minas Buenaventura picked up US$2.01 to end the period at US$28.09. Buenaventura spent US$145 million on clearing 25% of its hedge contracts, leaving 1.45 million oz. committed at average prices of US$315 to US$371 per oz., depending on the spot price.
Meanwhile DRDGold touched a 52-week low of US61 as the market digested a 15.7-million share issue to clear off debt. The debt-heavy company is looking for a buyer for its 79% interest in South Pacific gold producer Emperor Mines, which has closed its Vatukoula mine in Fiji but holds interests in the Porgera gold mine in Papua New Guinea. The new share issue brings its total capital to 534 million shares, almost three times the number that were out in 2000.
U.S. most active issues
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
CVRD* | RIO | 58926 | 36.08 | 32.87 | 35.64 | +3.79 |
Goldcorp* | GG | 41968 | 25.89 | 24.55 | 24.91 | +0.36 |
Alcoa* | AA | 40670 | 33.62 | 32.00 | 33.42 | +1.69 |
Freeport McMo* | FCX | 36960 | 58.95 | 54.35 | 57.94 | +4.85 |
Coeur d Alene* | CDE | 31657 | 4.44 | 4.20 | 4.21 | +0.10 |
Newmont Mng* | NEM | 31633 | 43.53 | 41.90 | 42.85 | +0.37 |
StreetTr Gold* | GLD | 30982 | 65.22 | 63.46 | 64.37 | +1.44 |
Barrick Gold* | ABX | 27938 | 28.60 | 27.91 | 28.45 | +0.58 |
DRDGOLD* | DROOY | 24828 | 0.74 | 0.58 | 0.61 | -0.11 |
Golden Star* | GSS | 24179 | 4.24 | 3.65 | 4.23 | +0.67 |
U.S. greatest percentage change
VOLUME(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Golden Eagle* | MYNG | 21876 | 0.034 | 0.021 | 0.03 | +42.8 |
Mayfair Mg&Ml* | MFMM | 35 | 0.35 | 0.24 | 0.33 | +32.0 |
Uranerz Energ* | URZ | 3760 | 5.49 | 4.24 | 5.10 | +25.3 |
Entree Gold* | EGI | 321 | 1.70 | 1.34 | 1.63 | +25.3 |
Idaho Gen Mn* | GMO | 798 | 2.89 | 2.25 | 2.81 | +24.3 |
Ivanhoe Mines* | IVN | 6673 | 12.21 | 10.00 | 11.95 | +22.4 |
Konigsberg* | KGBC | 125 | 0.21 | 0.17 | 0.20 | +21.2 |
Metallica Res* | MRB | 1288 | 5.00 | 4.13 | 4.92 | +20.8 |
Rio Narcea Gd* | RNO | 4954 | 3.64 | 3.05 | 3.60 | +20.8 |
Wealth Minls* | WMLLF | 82 | 3.55 | 2.85 | 3.467 | +20.7 |
Douglas Lk Ml* | DLKM | 133 | 1.00 | 0.66 | 0.71 | -29.0 |
Diamond Discv* | DMDD | 180 | 0.006 | 0.005 | 0.005 | -16.6 |
Madison Minls* | MMRSF | 69 | 1.00 | 0.531 | 0.575 | -15.4 |
DRDGOLD* | DROOY | 24828 | 0.74 | 0.58 | 0.61 | -15.2 |
Halo Res* | HLOSF | 188 | 0.395 | 0.34 | 0.386 | -12.2 |
Canyon Res* | CAU | 1419 | 0.72 | 0.60 | 0.63 | -10.0 |
Capital Gold* | CGLD | 1800 | 0.415 | 0.345 | 0.37 | -9.9 |
Klondike Star* | KDSM | 167 | 1.75 | 1.50 | 1.55 | -8.2 |
Geocom Res* | GOCM | 81 | 0.28 | 0.222 | 0.25 | -7.4 |
Starfield Res* | SRFDF | 586 | 0.24 | 0.20 | 0.22 | -6.3 |
U.S. greatest value change
WEEK VOLUME | CLOSE | CHANGE | ||
Potash C Sask* | POT | 6863600 | 161.87 | +15.91 |
Rio Tinto* | RTP | 1926800 | 211.09 | +9.97 |
Yanzhou Coal* | YZC | 202800 | 47.05 | +5.55 |
Soc Quim&M Ch* | SQM | 117600 | 133.94 | +5.03 |
Cleveland-Cli* | CLF | 4156300 | 58.37 | +4.93 |
Freeport McMo* | FCX | 36960330 | 57.94 | +4.85 |
Phelps Dodge* | PD | 15822700 | 126.66 | +4.37 |
Southern Peru* | PCU | 9895200 | 68.70 | +4.01 |
Alcan* | AL | 8200500 | 53.96 | +3.86 |
CVRD* | RIO | 58925900 | 35.64 | +3.79 |
OM Group* | OMG | 4450000 | 40.55 | -2.35 |
Westmoreland* | WLB | 159200 | 20.23 | -0.42 |
Douglas Lk Ml* | DLKM | 132590 | 0.71 | -0.29 |
Banro Res* | BAA | 55800 | 11.86 | -0.25 |
Klondike Star* | KDSM | 166571 | 1.55 | -0.14 |
DRDGOLD* | DROOY | 24828339 | 0.61 | -0.11 |
Madison Minls* | MMRSF | 69314 | 0.575 | -0.105 |
Arizona Star* | AZS | 52500 | 11.65 | -0.077 |
Canyon Res* | CAU | 1419300 | 0.63 | -0.07 |
Halo Res* | HLOSF | 187500 | 0.386 | -0.054 |
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