U.S. markets steady from Mar. 28-Apr. 1

The Dow Jones Industrial Average edged up 156.13 points or 1.28% to finish the Mar. 28-Apr.1 trading week at 12,376.72, while the S&P 500 index climbed 18.61 points or 1.42% to 1,332.41. The Philadelphia Gold and Silver index rose 0.27 points or 0.13% to 214.93. Eleven companies on the New York Stock Exchange reached new 52-week highs while none slipped to new 52-week lows.

Randgold Resources topped the list of value gains with an advance of US$7.50 to US$83.60 per share following news of a 5% increase in attributable resources and reserves for the year to December 2010. Attributable measured and indicated resources rose from 20.64 million ounces to 21.77 million ounces over the year, while inferred resources increased from 6.69 million ounces to 7.00 million ounces.  Attributable proven and probable mineral reserves grew from 15.56 million ounces to 16.39 million ounces without reducing the overall mineral reserve grade year on year

Shares of BHP Billiton surged US$6.17 to US$96.84 on news Mar. 30 that the company has approved a US$554 million investment at its Escondida copper mine. The money will be used to relocate the crushing and conveying facilities currently located inside Escondida’s main pit in order to improve access to higher grade ore and support higher production from 2013, the company says. The project is expected to be completed by mid-2012. BHP also announced that its Olympic Dam project in southern Australia has progressed into the feasibility study phase. The ODP will develop a new open-pit copper mine and associated gold and uranium by-products alongside BHP’s existing underground operation and increase its production from around 180,000 tonnes of copper per year to 750,000 tonnes per year over the next three decades. A final decision on the project by Commonwealth, State and Territory governments is expected in the second half of this year.

On the negative side of the ledger, shares of Agnico-Eagle Mines were down US$3.27 to US$64.42 after the company reported that a kitchen fire earlier this month at its Meadowbank mine has substantially reduced the workforce at the mine and lowered production rates. Agnico-Eagle now expects full-year gold production at Meadowbank to be about 310,000 ounces, at total cash costs of about US$700 per oz. with approximately 60% of this production coming in the second half of the year. Agnico-Eagle’s previously announced full-year guidance for Meadowbank was about 360,000 ounces at cash costs of about US$600 per oz.