Producers rise with yellow metal

Despite little substantive news from the bullion markets over the report period ended Feb. 25, gold prices still managed to stage a significant rally and closed up $5 to just under US$300 per oz.

The U.S.-listed gold majors were up across the board: volume-leader Newmont Mining jumped up $1.30 to US$24.61; AngloGold advanced $1.74 to US$23.74; Gold Fields rose 93 to US$8.80; Harmony Gold was up $1.33 to US$10.30; Ashanti Goldfields rocketed 51 to US$5; Compania de Minas Buenaventura shot up $1.55 to US$25.60; Coeur d’Alene Mines won back 4 to close at US$1.20; and Hecla Mining rose 14 to $1.50.

Mid-tier gold producer Glamis Gold soared 39 to US$4.74 as it announced its return to profitability and record production. For the fourth quarter, the company earned US$2.8 million, and for 2001, it posted a profit of US$4.8 million.

Rising 89 to US$16.60 was Stillwater Mining, which benefited from higher platinum and palladium prices. The prices strengthened following General Motors’ surprising news that it would soon be boosting automobile output.

Alcoa was up $2.02 to US$37.50 as it acquired 59,388 shares of Norway’s Elkem, priced at 155 Norwegian kroner (US$17.32) per share. Alcoa, which now holds 40.2% of Elkem’s shares, was forced into the tender offer by Norway’s quirky equities regulations.

BHP Billiton eased up 4 to US$12.12; Phelps Dodge fell 37 to US$37.43; Freeport-McMoRan Copper & Gold‘s B shares were off 69 to US$14.44 and Rio Tinto rose 41 to US$83.11.