Mixed week in US trading

In the face of declining base and precious metals, a number of U.S.-listed mining majors still managed to trade higher over the report period, as investors showed interest in old-economy cyclicals.

BHP Billiton rose 25 to US$11.60 as it unveiled a new management structure highlighted by a new “Office of the Chief Executive” and the elimination of the role of president and CEO Minerals. American CEO and Managing Director Paul Anderson is due to be replaced by Brian Gilbertson sometime before year-end.

Rio Tinto fell $1.80 to US$75.01 as the London-based giant posted quarterly production gains for iron ore (25% higher), coal (13%), copper (marginally higher), gold (31%), aluminum (11%), diamonds (52%) and titianium feedstock (4%).

Among the remaining majors: Phelps Dodge dropped 96 to US$31.42; Freeport-McMoRan Copper & Gold‘s B shares were off 11 to US$13.63; Anglo American shares were up 10 to US$16.50; Southern Peru Copper eased off 30 to US$11.40; WMC rose 24 to reach US$20.39; the OM Group declined 33 to US$62.37; and Alcoa retreated 57 to US$33.95 as it closed an aluminum plant in Jonesboro, Georgia.

As the dust settled from the takeover battle for Australia’s Normandy Mining, the victor, Newmont Mining, dropped 17 to US$20.43, while the loser, AngloGold, fell 46 to hit US$19.55.

The other precious metal miners were mixed: Ashanti Goldfields plummeted 23 to US$3.80; Compania de Minas Buenaventura advanced 33 to US$22.14; Harmony Gold was off 12 to US$7.04; Stillwater Mining sank $1.34 to US$16.15; and Coeur d’Alene Mines rose 3 to US87.