It was a news-filled week in the U.S., with Detroit filing the largest municipal bankruptcy in the country’s history, better-than-expected second quarter corporate earnings and reassuring comments from Federal Reserve Chairman Ben Bernanke that the central bank’s timeline for winding down its massive bond-buying program was flexible, and would depend on economic and financial developments. The Dow Jones Industrial Average climbed 0.5% to 15,543.74, and the S&P 500 Index advanced 0.7% to 1,692.09. The New York spot price for gold rose US$11.90 per oz. — or 0.9% to US$1,296.70 per oz. — and the Philadelphia Gold & Silver Index rose 5.9% to 94.82.
Rio Tinto rose US$2.19 to US$44.35. The major announced that coal production at the Kestrel mine extension has started in central Queensland. The US$2-billion project will add 20 years to the life of the mine, which is Rio’s only underground coal operation. It also said that expanding Pilbara’s capacity to 290 million tonnes per year remains on time and on budget to deliver the initial tonnes by the end of September. Second-quarter highlights included the first shipment of copper concentrate from Oyu Tolgoi in Mongolia. Global iron ore production in the quarter was 7% higher year-on-year on a 100% basis. Mined copper was up 10%.
Coeur Mining climbed 11% to US$13.25. The company reported production in the second quarter reached 4.6 million oz. silver and 60,800 oz. gold, and reiterated full-year guidance of 18 million to 19.5 million oz. silver and 250,000 to 265,000 oz. gold. Coeur also announced cost-cutting measures and the deferral of some capital and exploration projects.
Barrick Gold rose US$1.60, or 10.7%, to US$16.54. The company reported that the Copiapo Court of Appeals has ruled that it must complete Pascua-Lama’s water-management system in compliance with the project’s environmental permit to the satisfaction of Chile’s Superintendent of the Environment before resuming construction. Barrick has submitted a plan to build the project’s water management system in compliance with permit conditions for completion by the end of 2014, after which it expects to resume construction in the country.
U.S. most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Barrick Gold* | ABX | 84278 | 16.57 | 14.92 | 16.54 | + | 1.6 |
| Alcoa* | AA | 63412 | 8.25 | 8.04 | 8.07 | – | 0.03 |
| Freeport McMo* | FCX | 49763 | 28.64 | 27.89 | 28.56 | + | 0.51 |
| Kinross Gold* | KGC | 38404 | 5.34 | 4.79 | 5.14 | + | 0.29 |
| Newmont Mng* | NEM | 37333 | 29 | 27.16 | 28.69 | + | 1.26 |
| Arch Coal* | ACI | 36288 | 4.17 | 3.9 | 4.04 | + | 0.06 |
| Alpha Nat Res* | ANR | 35410 | 5.88 | 5.3 | 5.68 | + | 0.15 |
| Goldcorp* | GG | 33400 | 27.61 | 25.48 | 27.33 | + | 1.67 |
| Potash C Sask* | POT | 29477 | 39.81 | 37.95 | 38.44 | – | 1.13 |
| Mosaic* | MOS | 27180 | 56.18 | 53.72 | 54 | – | 2.1 |
U.S. greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Atlatsa Res* | ATL | 1090 | 0.34 | 0.22 | 0.31 | + | 37.7 |
| Allied Nevada* | ANV | 2046 | 6.89 | 5.66 | 6.88 | + | 20.4 |
| Kimber Res* | KBX | 542 | 0.18 | 0.13 | 0.16 | + | 18.5 |
| Walter Energy* | WLT | 5320 | 14.31 | 12.05 | 13.7 | + | 11.6 |
| NovaGold Res* | NG | 7743 | 2.3 | 2.04 | 2.26 | + | 11.3 |
| Coeur Mng* | CDE | 6506 | 13.28 | 11.83 | 13.25 | + | 11.2 |
| Barrick Gold* | ABX | 84278 | 16.57 | 14.92 | 16.54 | + | 10.7 |
| Eldorado Gold* | EGO | 4938 | 7.17 | 6.44 | 7.13 | + | 10 |
| Banro Res* | BAA | 2736 | 0.79 | 0.68 | 0.75 | + | 10 |
| Yamana Gold* | AUY | 5839 | 10.54 | 9.66 | 10.5 | + | 8.5 |
| Loncor Res* | LON | 23 | 0.18 | 0.14 | 0.15 | – | 21 |
| Timmins Gold* | TGD | 881 | 2.44 | 2.04 | 2.16 | – | 10.7 |
| Quest Rare Mn* | QRM | 241 | 0.62 | 0.53 | 0.53 | – | 10.1 |
| Tasman Mtls* | TAS | 223 | 0.76 | 0.62 | 0.65 | – | 9.7 |
| Sandstorm Gld* | SAND | 2721 | 6.6 | 5.9 | 5.96 | – | 8.4 |
| Cardero Res* | CDY | 551 | 0.1 | 0.07 | 0.09 | – | 8.3 |
| PolyMet Mng* | PLM | 1668 | 0.85 | 0.76 | 0.77 | – | 7.5 |
| Alexco Res* | AXU | 1816 | 1.34 | 1.09 | 1.11 | – | 7.5 |
| Vista Gold* | VGZ | 2505 | 0.87 | 0.72 | 0.8 | – | 7 |
| Avalon Rare M* | AVL | 876 | 0.83 | 0.76 | 0.77 | – | 6.9 |
U.S. greatest value change
| Company | Symbol | Change | Close | Change | |
| Randgold Res* | GOLD | 5764309 | 70.33 | + | 4.08 |
| Royal Gold* | RGLD | 4655835 | 45.68 | + | 3.51 |
| Franco-Nevada* | FNV | 2211116 | 39.56 | + | 2.75 |
| BHP Billi-BBL* | BBL | 3873830 | 56.83 | + | 2.72 |
| Rio Tinto* | RIO | 3349735 | 44.35 | + | 2.19 |
| BHP Billi-BHP* | BHP | 8109652 | 62.6 | + | 1.92 |
| Goldcorp* | GG | 33399935 | 27.33 | + | 1.67 |
| Barrick Gold* | ABX | 84278159 | 16.54 | + | 1.6 |
| Walter Energy* | WLT | 5320123 | 13.7 | + | 1.43 |
| Consol Energy* | CNX | 12958107 | 29.01 | + | 1.34 |
| Mosaic* | MOS | 27180180 | 54 | – | 2.1 |
| Agrium* | AGU | 582962 | 89.59 | – | 2.09 |
| Potash C Sask* | POT | 29477370 | 38.44 | – | 1.13 |
| Natural Rs Pt* | NRP | 125093 | 21.06 | – | 1.01 |
| Cameco Corp* | CCJ | 6323478 | 21.23 | – | 0.7 |
| Sandstorm Gld* | SAND | 2720545 | 5.96 | – | 0.55 |
| Mesabi Trust* | MSB | 270911 | 18.11 | – | 0.49 |
| Intrepid Pots* | IPI | 776574 | 18.9 | – | 0.48 |
| Alliance Rs P* | ARLP | 194721 | 72.56 | – | 0.48 |
| Buenaventura* | BVN | 12891638 | 13.55 | – | 0.44 |
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