The Jan. 26-Feb. 1 reporting period drew to a close on a bleak note, with U.S. President Barrack Obama forecasting a record US$1.56 trillion budget deficit for fiscal 2010 — or 10.6% of the economy based on GDP. The budget deficit in 2009 stood at US$1.41 trillion equaling about 9.9% of GDP. Obama also laid out US$3.8 trillion in spending plans for the fiscal year to Sept. 30, 2011. In equity markets, the Dow Jones industrial average slid 8.76 points to 10,185.53, while the S&P 500 index fell 2.98 points to finish at 1,089.19.
For mining stocks, the period was marked by higher dollar losses than gains. Potash Corp. of Saskatchewan dropped US$6.47 per share to close at US$103.43 after informing the market that its sales volumes of potash last year were the lowest since it became a publicly traded company in 1989. For the full year, Potash Corp.’s earnings fell to US$987.8 million or US$3.25 per share, a steep drop from 2008’s US$3.5 billion or US$11.01 per share. For the fourth quarter, earnings stood at US$243.6 million or US80¢ per share, down from US$788 million or US$2.56 per share in the yearearlier quarter.
On the positive side of the ledger, Cabot Corp. enjoyed the largest value gain, rising US$1.71 to US$27.90 per share after declaring that it was performing at pre-downturn earnings levels despite lower sales volumes. It credited its strong financial results to maintaining unit margins through the downturn, the early delivery of restructuring savings, and continued improvement in its key markets. In the first quarter of fiscal 2010 ended Dec. 31, Cabot reported net income of US$29 million or 44¢ per share, up from US$4 million or 6¢ per share in the yearearlier quarter.
On the gold front, Allied Nevada Gold advanced 91¢ to US$13.70 per share following news of positive results from metallurgical testing of sulphide mineralization at its Hycroft mine near Winnemucca, Nev. Metallurgical testing of seven samples of sulphide material with average grades of 1.02 grams gold per tonne and 43.87 grams silver confirmed that the sulphide mineralization is amenable to conventional flotation. Recovery rates averaged 88% for gold and 85% for silver. Newmont Mining gained US$1.41 to US$45.54 on no news, while Agnico-Eagle Mines climbed 70¢ to US$53.74.
The price of gold moved from its New York close of US$1096.80 per oz. on Jan. 26 to US$1,105.60 per oz. on Feb. 1. The Amex Gold Bugs index contracted 1.86 points to 394.89.
U.S. most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 235517 13.95 | 12.26 | 13.36 | -0.03 |
Freeport McMo*FCX | 127083 73.99 | 66.20 | 71.59 | -3.01 |
Hecla Mining* HL | 75065 5.29 | 4.54 | 5.13 | -0.03 |
Barrick Gold* ABX | 64306 36.78 | 34.63 | 36.50 | + 0.46 |
Goldcorp* GG | 50729 36.99 | 33.89 | 35.54 | -0.67 |
Newmont Mng* NEM | 47834 45.54 | 42.80 | 45.54 | + 1.41 |
Silver Wheatn* SLW | 41931 14.95 | 13.63 | 14.89 | + 0.16 |
Potash C Sask* POT | 40738 112.38 | 98.27 | 103.43 | -6.47 |
Kinross Gold* KGC | 40500 17.65 | 16.15 | 16.98 | -0.41 |
Arch Coal* ACI | 38414 25.92 | 20.53 | 21.60 | -3.59 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Madison Minls* | MMRSF | 12 | 0.15 | 0.13 | 0.15 | + 36.3 |
Fischer-W Gld* | FWGO | 155 | 0.06 | 0.05 | 0.06 | + 20.0 |
Affinity Gold* | AFYG | 261 | 1.83 | 1.50 | 1.83 | + 18.0 |
Starfield Res* | SRFDF | 196 | 0.10 | 0.09 | 0.10 | + 11.1 |
Crystallex In* | KRY | 3711 | 0.33 | 0.25 | 0.32 | + 10.3 |
Uranium Res* | URRE | 3085 | 0.83 | 0.61 | 0.77 | + 10.0 |
New Jersey Mg* | NJMC | 18 | 0.25 | 0.21 | 0.24 | + 9.0 |
Allied Nevada* | ANV | 469 | 13.70 | 12.47 | 13.70 | + 7.1 |
America West* | AWSR | 73 | 0.16 | 0.15 | 0.15 | + 7.1 |
Legend Intl H* | LGDI | 1223 | 1.27 | 1.11 | 1.21 | + 7.0 |
Habanero Res* | HBNRF | 30 | 0.09 | 0.07 | 0.07 | -22.2 |
Quaterra Res* | QMM | 354 | 1.70 | 1.31 | 1.38 | -21.1 |
Constittn Mng* | CMIN | 1511 | 1.08 | 0.85 | 0.86 | -19.6 |
Alberta Star * | ASXSF | 628 | 0.17 | 0.14 | 0.14 | -17.6 |
Tanz Roy Exp* | TRE | 6908 | 4.79 | 3.42 | 3.91 | -16.9 |
Tombstone Exp* | TMBXF | 251 | 0.06 | 0.02 | 0.05 | -16.6 |
Uranium Star* | URST | 2240 | 0.38 | 0.28 | 0.31 | -16.2 |
Lake Vict Mng* | LVCA | 61 | 0.54 | 0.44 | 0.45 | -15.0 |
Arch Coal* | ACI | 38414 | 25.92 | 20.53 | 21.60 | -14.2 |
DouglasLkMl* | DLKM | 510 | 0.28 | 0.20 | 0.21 | -12.5 |
U.S. greatest value change | |||
WEEK | |||
VOLUME | CLOSE | CHANGE | |
Cabot Corp* CBT | 5710537 | 27.90 | + 1.71 |
Newmont Mng* NEM | 47833552 | 45.54 | + 1.41 |
Allied Nevada* ANV | 469400 | 13.70 | + 0.91 |
Agnico-Eagle* AEM | 14421152 | 53.74 | + 0.70 |
Barrick Gold* ABX | 64305907 | 36.50 | + 0.46 |
Exeter Res* XRA | 357000 | 7.43 | + 0.44 |
Buenaventura* BVN | 6271308 | 32.95 | + 0.44 |
Keegan Res* KGN | 93400 | 6.12 | + 0.32 |
Affinity Gold* AFYG | 260584 | 1.83 | + 0.28 |
Pan Am Silver* PAAS | 6625027 | 22.54 | + 0.19 |
Potash C Sask* POT | 40738492 | 103.43 | -6.47 |
Arch Coal* ACI | 38414149 | 21.60 | -3.59 |
Rio Tinto* RTP | 4728565 | 206.62 | -3.28 |
OM Group* OMG | 2159149 | 32.99 | -3.12 |
Freeport McMo* FCX | 127082716 | 71.59 | -3.01 |
Alpha Nat Res* ANR | 19934228 | 42.51 | -2.90 |
Soc Quim&M Ch*SQM | 5134207 | 37.31 | -2.56 |
Teck B* TCK | 34474457 | 34.53 | -2.53 |
Mosaic* MOS | 25328940 | 56.27 | -2.49 |
MDU Res* MDU | 5537430 | 20.85 | -2.28 |
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