TORONTO STOCK EXCHANGE
The U.S. stock markets rose slightly over the June 7-13 period. The S&P 500 index was up 3.3 points to close at 1,200.82 points, whereas the Dow Jones industrial average closed 55.5 points higher at 10,522.56.
It was a reasonably positive week for Newmont Mining despite the fact that several law firms have filed class-action lawsuits against the company for allegedly releasing false and misleading statements to shareholders about forecast production and cash costs. Newmont led the volume traders, with 19.4 million shares exchanged, and the stock climbed US92 to close at US$38.53.
The second-biggest trader, Alcoa, reported plans to boost its aerospace sheet and plate production by about 50%. The company is already ahead of schedule in reducing the cost and weight of aerospace metals by 20%. Shareholders responded by lifting the stock US7 to US$27.40.
After tumbling by a few dollars, Phelps Dodge‘s stock rose US71 to close at US$91.85. The company reported it had had talks with several Chinese companies regarding molybdenum supply. Moly is used in the steel manufacturing business, and Phelps Dodge is a major proucer.
A group of shareholders sold 21 million shares of Southern Peru Copper for US$42 per share in a secondary offering. Grupo Mexico holds three-quarters of Southern Peru’s shares. More than 10 million shares traded in the U.S. as the stock fell US$3.65 to close at US$44.
Following a report that Stillwater Mining is boosting the number of catalytic converters it recycles at its smelting and refining complex in Montana, the company’s stock rose 11% to close at US$7.69. About 1.4 million shares contributed to the rise.
Over-the-counter traded Golden Phoenix Mines gave back the previous week’s rise and fell 14% to US21. The company will proceed with plans to de-water and refurbish the Sylvia decline at its 60%-owned Ashdown molybdenum project in Nevada.
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