U.S. markets felt the chill in the air during the week before Christmas. The Dow Jones industrial average edged up 81.59 points to finish at 11,491.91, while the S&P 500 rose 3.51 points to 1,243.91.
The Philadelphia Gold and Silver index dropped 4.44 points, while gold ended the Dec. 13-17 week at US$1,375.50 per oz. Agnico-Eagle Mines dropped US$7.27 to US$75.66 and Buenaventura lost US$2.62 to close at US$47.36. Silver companies weren’t spared despite the surge in silver prices. Silver Wheaton slid US$1.81 to US$36.70 and Silver Standard Resources fell US$1.75 to US$26.31.
Cliffs Natural Resources touched a new 52-week high (US$77.57 per share) before ending at US$76.10, a gain of US$1.77. Cliffs has successfully concluded arbitration proceedings with Essar Steel Algoma and a binding decision by the American Arbitration Association has redefined world prices for blast furnace pellets, a factor used in determining annual price increases or decreases under Cliffs’ supply agreement with Essar Steel Algoma. The redefinition entitles Cliffs to use an increase in excess of 95% over 2009 prices for seaborne blast furnace pellets in the supply agreement’s pricing formula. Cliffs anticipates collecting a cash payment from Essar Steel Algoma for the portion of revenue from 2010 pellet sales that were disputed in the arbitration.
Ivanhoe Mines shares were up US70¢ to US$24.64 on news the company had approved a US$2.3-billion capital budget in 2011 for construction at the Oyu Tolgoi copper-gold project in Mongolia. Initial production is expected in 2012 with first sales of copper and gold in concentrate anticipated in late 2012.
Fronteer Gold climbed US$1 to US$11.57 per share on news that a wholly owned subsidiary, Aurora Energy Resources, was selling its uranium assets in Newfoundland and Labrador to Paladin Energy in an all-share deal worth $260.9 million. Paladin will acquire 100% of the Aurora deposits by issuing 52.1 million of its shares to Fronteer, making Fronteer Paladin’s largest shareholder with a 6.7% stake. The deal values Aurora’s resources at US$1.90 per lb. U308 in the ground.
U.S. most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 97302 14.60 | 13.94 | 14.56 | + 0.31 |
Hecla Mining* HL | 72843 11.30 | 10.27 | 10.60 | -0.08 |
Intl Coal Gp* ICO | 57674 8.59 | 6.82 | 7.00 | -1.46 |
Silver Wheatn* SLW | 51275 40.24 | 36.26 | 36.70 | -1.81 |
NovaGold Res* NG | 47176 15.61 | 13.15 | 14.22 | -0.88 |
Kinross Gold* KGC | 44715 18.86 | 18.05 | 18.83 | + 0.39 |
Freeport McMo* FCX | 44013 117.40 | 109.75 | 113.71 | + 1.84 |
Barrick Gold* ABX | 38782 54.47 | 50.65 | 51.63 | -1.67 |
Goldcorp* GG | 33117 46.94 | 44.17 | 44.45 | -1.62 |
Newmont Mng* NEM | 32148 62.62 | 59.02 | 59.40 | -2.02 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Canarc Res* | CRCUF | 391 | 0.21 | 0.15 | 0.21 | + 40.0 |
Claude Res* | CGR | 6646 | 2.13 | 1.55 | 2.11 | + 33.5 |
Li3 Energy* | LIEG | 1550 | 0.29 | 0.17 | 0.29 | + 31.8 |
America West* | AWSR | 165 | 2.86 | 1.72 | 2.25 | + 30.8 |
Tombstone Exp* | TMBXF | 661 | 0.13 | 0.10 | 0.13 | + 30.0 |
Solitario Res* | XPL | 241 | 3.00 | 2.23 | 3.00 | + 26.0 |
New Jersey Mg* | NJMC | 357 | 0.34 | 0.21 | 0.26 | + 23.8 |
El Capitan Pr* | ECPN | 1167 | 0.63 | 0.49 | 0.59 | + 18.0 |
Alumina Inc* | AWC | 4158 | 10.35 | 8.84 | 10.29 | + 17.2 |
Caledonia Mng* | CALVF | 3157 | 0.15 | 0.11 | 0.14 | + 16.6 |
Yellowcake Mg* | YCKM | 2775 | 0.24 | 0.08 | 0.12 | -50.0 |
Silver Dragon* | SDRG | 6170 | 0.17 | 0.10 | 0.10 | -41.1 |
Affinity Gold* | AFYG | 383 | 0.05 | 0.03 | 0.04 | -33.3 |
Intl Coal Gp* | ICO | 57674 | 8.59 | 6.82 | 7.00 | -17.2 |
Fischer-W Gld* | FWGO | 70 | 0.06 | 0.05 | 0.05 | -16.6 |
Tri-Valley* | TIV | 792 | 0.53 | 0.37 | 0.38 | -15.5 |
Mesabi Trust* | MSB | 4970 | 57.94 | 44.51 | 46.88 | -14.1 |
Samex Mng* | SMXMF | 860 | 0.83 | 0.65 | 0.70 | -11.3 |
Shoshone Silv* | SHSH | 217 | 0.19 | 0.15 | 0.17 | -10.5 |
Harry Winston* | HWD | 669 | 12.65 | 11.20 | 11.31 | -9.6 |
U.S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Freeport McMo* | FCX | 44012809 | 113.71 | + 1.84 |
Intrepid Pots* | IPI | 1067891 | 34.37 | + 1.77 |
Cliffs Nat Rs* | CLF | 15622066 | 76.10 | + 1.77 |
Alumina Inc* | AWC | 4158361 | 10.29 | + 1.51 |
Mechel* | MTL | 3956438 | 28.27 | + 1.27 |
Cameco Corp* | CCJ | 12212657 | 39.45 | + 1.16 |
Cabot Corp* | CBT | 1456889 | 38.13 | + 1.12 |
Fronteer Gold* | FRG | 10287952 | 11.57 | + 1.00 |
Stillwater Mg* | SWC | 21832745 | 20.96 | + 0.89 |
Ivanhoe Mines* | IVN | 17249628 | 24.64 | + 0.70 |
Mesabi Trust* | MSB | 4969876 | 46.88 | -7.72 |
Agnico-Eagle* | AEM | 12982652 | 75.66 | -7.27 |
Buenaventura* | BVN | 5621213 | 47.36 | -2.62 |
Randgold Res* | GO LD |
4417966 | 87.25 | -2.32 |
Compass Mnls* | CMP | 1019594 | 87.53 | -2.13 |
Newmont Mng* | NEM | 32148268 | 59.40 | -2.02 |
Silver Wheatn* | SLW | 51274835 | 36.70 | -1.81 |
Silver Std Re* | SSRI | 5449936 | 26.31 | -1.75 |
Barrick Gold* | ABX | 38781622 | 51.63 | -1.67 |
Goldcorp* | GG | 33116990 | 44.45 | -1.62 |
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