U.S. MARKETS DECEMBER 13-17

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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