US miners steady

During the period ended June 25, mining stocks proved to be an oasis of calm amid continuing turmoil in the broader U.S. equity markets, which re-tested post-911 lows.

With gold prices continuing to find support above US$320 per oz., most of the major U.S.-listed gold companies ended the week in the black. Newmont Mining rose 28 to US$28.60; Gold Fields eased up 34 to US$12.76; AngloGold fell 81 to US$28.69; Compania de Minas Buenaventura gained 52 to reach US$27.10; and Ashanti Goldfields jumped 34 to close at US$5.59.

America’s largest silver producer, Coeur d’Alene Mines, advanced 12 to US$1.83 as it was removed from the New York Stock Exchange’s “watch list.” Coeur d’Alene was placed there in November 2000 when it was first notified that it was not in compliance with listing standards.

The most active U.S.-listed junior was Silverado Gold Mines, which rocketed 10 to US35 over the period and has risen 25 since April. The OTC-BB-listed company intends to start producing gold at the Nolan mine in Alaska.

Denver-based junior Vista Gold tumbled $2.10 to US$3.30 as it advised shareholders that it was in good standing with the American Stock Exchange following a 20-for-1 share consolidation completed on June 20.

The base metal majors were mixed: Alcoa fell 86 to US$31.14; Phelps Dodge advanced 71 to US$40.10; Freeport-McMoRan Copper & Gold rose 45 to US$19.06; Rio Tinto gave back $2.50 to reach US$74.20; Anglo American lost $1.25 to hit US$16.45; and BHP Billiton fell 16 to US$11.69 as it announced the early closure, at year-end, of the aging Pering lead-zinc mine in South Africa.