Miners have volatile week
U.S. stock markets advanced modestly over the five trading days May 7-13, with the Standard & Poor’s 500 index up 7.91 points at 942.30 and the Dow Jones industrial average 90.89 points higher at 8,67…
Freeport-McMoRan Inc
Broad advance for US miners
The trading period April 30-May 5 was broadly positive for U.S. markets, with the Dow Jones Industrial Average advancing 85.37 points to 8,588.36 and the broader-based Standard & Poor’s 500 index up 1…
Miners in retreat
Despite a stronger performance by base metals, the share prices of the base metal giants took a pounding during the April 23-29 report period.Investors are concerned about base metals’ exposure to any…
Higher gold boosts Grasberg
Vancouver — Freeport-McMoRan Copper & Gold (FCX-N), operator of the world’s largest copper-gold mine, earned an impressive US$49.2 million (or US33 per share) in the first quarter.The gain, which wa…
Alcoa trims more workers
The biggest news of the week was Alcoa’s announcement it will cut production and staff at three smelters, in Rockdale, Tex., Massena, N.Y., and Ferndale, Wash.After cutting 10,000 jobs in 2002, the co…
Busy week for base metals
The base metal miners took the spotlight away from the golds during the report period ended April 15.BHP Billiton rose 20 to US$11.56 as it launched a 10-year, US$850-million global bond, part of whi…
Freeport-McMoRan sweetens redemption price
A tepid reception has prompted Freeport-McMoRan Copper & Gold (FCX-N) to spruce up an offer for early redemption of its 7.5% senior notes due in 2006.The major is now offering US$1,030 per US$1,000 pr…
US golds take hit as price falls
A steep dip in the price of gold pushed U.S. gold producers lower over the April 2-8 report period. The yellow metal was fixed at US$324.10 per oz. on the morning of April 9, for a loss of $6.15 on th…
Mitsui buys into CVRD
The biggest global mining story of the report period was the complex deal involving Brazilian iron ore giant Cia Vale do Rio Doce’s (CVRD) and Japan’s no. 2 trading house, Mitsui.Mitsui winds up spend…
Miners passed by in broad advance
The five trading days March 19-25 saw a modest advance by the U.S. stock markets, but gold and base metal equities were left out. Both major indices rose about 1%; the Dow Jones Industrial Average add…
A sweet week for golds
Gold bugs were delighted over the holiday-shortened report period as prices for the yellow metal surged more than US$7 to a new, 6-year high of almost US$360 per oz.Gold has been on a steady march upw…
Markets top out
U.S. equity markets were broadly better as investors digested the big gains that followed the new year. In the report period Jan. 8-14, the Dow Jones Industrial Average rose 102.03 points to 8,842.62,…