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 which will be used to repay debt. The issue is the first in the U.S. for the combined BHP Billiton group, and comes on the heels of its first eurobond issue, in October.

Copper giant Phelps Dodge advanced 18 to US$33.10 as 556 union-affiliated workers at its Candelaria copper mine in Chile ended a 16-day strike by accepting an offer of improved wages and benefits. The drama included a 10-day hunger strike by seven workers. The mine, held 80% by Phelps Dodge, is still on target to produce 240,000 tonnes of copper this year. Also, the company has rescheduled its annual meeting to May 23 from May 1.

Anglo American announced the sale of its 52.9% stake in Bindura Nickel to Mwana Africa Holdings for US$8 million. Situated in Zimbabwe, Bindura consists of a smelter-complex and the Trojan, Shangani, Madziwa and Epoch mines. Anglo moved up 14 to US$14.60.

As for the rest of the sector: WMC Resources edged up 16 to US$10.55 as it declared it would meet its 2003 production and financial targets; Rio Tinto fell 65 to US$78.37; Alcoa jumped $1.02 to US$22.59; Pechiney eased up 9 to US$13.22; Freeport-McMoRan Copper & Gold moved up 65 to US$18.65; CVRD advanced 65 to US$28.50; and OM Group soared 79 to US$10.03.

In a quiet week for the golds, the U.S.-listed majors were mostly up, led by Newmont Mining, which jumped $1.23 to US$26.38.