Miners stage retreat

After running up in mid-week action, the Dow Jones Industrial Average closed the Nov. 5-11 report period 83.04 points lower at 9,737.79, while the Standard & Poor’s 500 index shed 5.24 points to make 1,046.57.

Making news among the U.S.-listed gold majors was Harmony Gold, which continued its recent fire sale. The issue slipped US24 to US$14.09 after the South African-based gold miner announced the sale of the Kalahari Goldridge gold mine to Afrikander Lease for around US$39 million, with about half of that in the form of shares. The deal gives Harmony a 10% stake in the black economic empowerment group.

Fellow South African Gold Fields lost US56 to US$12.84 after minting 15 million new shares for investors at US$13 apiece to raise US$195 million. Similarly, the world’s biggest gold miner, Newmont Mining, dropped US29 to hit US$42.26 after tabling plans to raise around US$1 billion by selling 20 million shares.

Among the rest of the gold crowd, AngloGold rose US$1 to US$40.88; Ashanti Goldfields advanced US25 to US$11.44; and Compania de Minas Buenaventura was up US66 to US$47.86.

Silver ended the day higher at US$5.07 per oz. in New York on Nov. 11. Coeur d’Alene Mines was the sector’s chief newsmaker, inking a letter of intent to acquire the La Verde underground silver mine and several other concessions in Mexico from Minera Real de Cosala for US$10 million. The issue ended unchanged at US$3.42.

Hecla Mining dropped a quarter to US$6.14 and Apex Silver Mines finished US55 higher at US$14.05. Apex recently posted a third-quarter loss of US$1 million (or 3 a share), compared with a year-earlier net loss of US$2.4 million (or 7 a share).