Salt Lake City-based micro-cap explorer MK Gold has its moment in the sun during the period ended Feb. 10, topping the list of percentage gainers amongst all the U.S.-listed mining stocks. MK rocketed 42% to US$2.77 on the back of a positive feasibility study for its Las Cruces high-grade copper project situated at the eastern margin of Spain’s Iberian pyrite belt, just 15 km northwest of Seville. The new study incorporates the latest trend in metallurgical recovery: cheap atmospheric leaching instead of pricey pressure-leaching with autoclaves.
Silver-gold giant Coeur d’Alene Mines made an out-of-character move by stepping into the Dark Continent and acquiring 10 early-stage prospecting licences covering 815 sq. km in Tanzania’s Lake Victoria gold district. Coeur ended the week up US80 to US$6.37 as silver prices bounced back into the mid-US$6 range.
Australia’s last major home-grown nickel producer, WMC Resources, turned in a stellar year on the back on exceptionally strong nickel prices, which offset a mild slump in its copper operations. Net profits in 2003 totalled A$245.6 million, up from a pro-forma profit of A$75.4 million in 2002, when WMC still had its alumina business. The company also declared a maiden dividend of A6 per share.
China’s most-profitable coal exporter, Yanzhou Coal, led the greatest-value-change list with an amazing US$9.01, or 21%, rise to US$51.30. The miner was swept up by a wave of surging Chinese energy stocks, which enjoyed a technical bounce after the previous week’s sharp downturn.
The most-active list was dominated by the heavyweights, who almost all ended the week higher. Newmont Mining led the way, rising US$2.44 to US$44.30.
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