The Aug. 13-19 report period was a good time to be a metal producer south of the border, with gold, copper and diversified miners all moving ahead.
Among the more notable issues in the gold sector was Harmony Gold, which ascended US$1 to US$13.92 for a gain of 7.7% in value. The company, South Africa’s third-largest producer of the yellow metal, reported fiscal fourth-quarter production of 707,053 oz., which, though down from the previous quarter, pushes the company ahead of comparable production a year earlier.
Durban Roodepoort Deep also showed momentum, partly as a result of its being added to the Philadelphia gold and silver index. The South African miner ended the period at US$2.67, or US17 stronger than at the start.
Bidding rivals AngloGold and Randgold Resources each rose in value — the former, by US$1.74 to US$38.02, and the latter, by US73 to US$21.59. AngloGold says that, despite the counter-offer from Rangold, it will not sweenten its takeover bid for Ashanti Gold. Ashanti itself rose US75 to close at US$10.08, partly reflecting its public solicitation for more competitors.
Among copper producers, Phelps Dodge put in the strongest showing, soaring US$3.80 to US$46.90. Freeport-McMoRan Copper & Gold jumped US$1.65 to US$29.50, while Southern Peru Copper climbed US15 to US$17.42.
Rio Tinto was the largest percentage gainer of the diversified crowd, rising US$5.69 to US$88.09 for a gain of 6.9% in value. Next came BHP Billiton, which rose US67 to US$14.02 for a gain of 5%.
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