AngloGold Ashanti is born

The report period ending April 27 was marked by the long-awaited closing of the merger between AngloGold and Ashanti Goldfields. The new entity, named AngloGold Ashanti, ranks as the world’s third-largest gold producer. The company began trading on the New York Exchange using AngloGold’s old ticker symbol, au, and ended the period at US$33.08 — off US$1.19, largely in response to a profit warning relating to AngloGold’s assets.

Peruvian gold-miner Compania de Minas Buenaventura turned in a mixed quarterly report, with the company achieving a 24% rise in operating revenue to US$68 million but a 10% drop in profits to US$50 million. Some of the profit slump is attributable to delays in gold sales, since gold production actually increased 12%, quarter over quarter, to 75,173 oz.

Silver producer Coeur d’Alene Mines made an appearance on the most-active list after filing a shelf offering to sell up to US$250 million worth of common and preferred stock, debt securities and warrants. Any proceeds are earmarked for general purposes, including expansions and possible acquisitions. Coeur closed down US26, to US$5.14, as silver crashed US76 to US$6.28 per oz.

Southern Peru Copper flaunted a 374% rise in quarterly profits to US$86.8 million, or US$1.09 per diluted share, as total sales rose 56.8% to US$274.1 million on the back of higher metal prices and greater copper and molybdenum output. Despite the superlative quarter, the week’s US10 drop in copper prices to US$1.30 per lb. took its toll on the company’s share price, which collapsed US$4.97, to US$30.83.

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