The theme for the period was competing forces, as an upbeat report on U.S. jobless claims weighed against no progress in budget negotiations for the coming fiscal cliff. The tension between the two made for mixed results over the period, as the Dow Jones Industrial Average made decent gains of 128 points to 13,155.13, the S&P 500 Index made almost no gains, up just two points to finish the period at 1,418.07, while the Nasdaq fell 22 points to 2,978.04.
Investors were reluctant to accept a new move by Freeport-McMoRan Copper & Gold (FCX-N). The copper- and gold-producing senior saw its share price sink on news that it is entering the oil and gas space. The miner plans to acquire Plains Exploration and McMoRan Exploration in deals that total $20 billion. The moves mark a shift of focus into U.S.-based oil and gas plays, and would offer significant diversification, considering the company’s main assets up until now have been its Grasberg mine in Indonesia, the Cerro Verde and El Abra mines in South America and Tenke Fungurume in the Congo. Freeport’s share price was off 31% to $30.54 for the period.
Uranium Energy’s (UEC-N) share price was up 13% to $2.55 after releasing quarterly results, along with good permitting news. The company announced that its Goliad project is fully permitted for production and set to help boost production at its Hobson plant in Texas. The quarterly results were less impressive than the permitting news, as the company announced it sold 50,000 lb. uranium oxide (U3O8) at US$43 per lb., and generated revenues of US$2.2 million. Cash costs per lb. came in at US$26, excluding royalties. But Uranium Energy finished the quarter with its balance sheet in good shape, showing $17.2 million in cash and an inventory of 34,000 lb. U3O8 available for sale.
Almaden Minerals (AMM-T, AAU-N) relied on the drill to gain in its market capitalization, and the company saw its stock price rise ahead of news that it found a new high-grade area at its Tuligtic project in Mexico. The intercept came from an area outside the resource shell on its Main Ixtaca zone, and returned 134 metres grading 4.1 grams per tonne gold. Almaden shares were up 12% to $3.09 for the period.
U.S. most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Freeport McMo* | FCX | 322171 | 39.3 | 30.54 | 31.7 | – | 7.31 |
| Alpha Nat Res* | ANR | 73978 | 8.39 | 7.2 | 8.29 | + | 0.81 |
| Alcoa* | AA | 65892 | 8.62 | 8.35 | 8.5 | + | 0.09 |
| Arch Coal* | ACI | 52451 | 7.5 | 6.55 | 7.27 | + | 0.55 |
| Cliffs Nat Rs* | CLF | 41864 | 30.65 | 28.05 | 29.51 | + | 0.76 |
| Barrick Gold* | ABX | 40120 | 34.67 | 33.2 | 33.6 | – | 0.93 |
| Kinross Gold* | KGC | 34497 | 10.18 | 9.49 | 9.72 | – | 0.36 |
| Newmont Mng* | NEM | 32521 | 47.13 | 43.85 | 44.42 | – | 2.32 |
| Peabody Enrgy* | BTU | 32128 | 26.91 | 24.34 | 26.88 | + | 1.77 |
| Goldcorp* | GG | 28039 | 38.72 | 36.64 | 37.32 | – | 1.38 |
U.S. greatest percentage change
| Volume | |||||||
| Company | Name | (000s) | High | Low | Close | Change | |
| Western Coppr* | WRN | 81 | 0.86 | 0.69 | 0.82 | + | 18.8 |
| US Energy* | USEG | 410 | 1.81 | 1.56 | 1.78 | + | 14.1 |
| Walter Energy* | WLT | 4788 | 34.47 | 29.27 | 34.21 | + | 13.2 |
| Uranium Ener* | UEC | 736 | 2.6 | 2.25 | 2.55 | + | 12.8 |
| Almaden Mnls* | AAU | 2238 | 3.24 | 2.78 | 3.09 | + | 11.9 |
| Alpha Nat Res* | ANR | 73978 | 8.39 | 7.2 | 8.29 | + | 10.8 |
| Dejour Enterp* | DEJ | 263 | 0.24 | 0.19 | 0.23 | + | 10.7 |
| Richmont Mine* | RIC | 2491 | 3.19 | 2.71 | 3.11 | + | 8.7 |
| Arch Coal* | ACI | 52451 | 7.5 | 6.55 | 7.27 | + | 8.1 |
| Peabody Enrgy* | BTU | 32128 | 26.91 | 24.34 | 26.88 | + | 7 |
| Freeport McMo* | FCX | 322171 | 39.3 | 30.54 | 31.7 | – | 18.7 |
| Gold Reserve* | GRZ | 3423 | 3.28 | 2.6 | 2.7 | – | 18.1 |
| Kimber Res* | KBX | 441 | 0.49 | 0.4 | 0.41 | – | 13.6 |
| Midway Gold* | MDW | 201 | 1.53 | 1.3 | 1.32 | – | 12 |
| NovaCopper* | NCQ | 1225 | 2.05 | 1.75 | 1.81 | – | 9.5 |
| Minco Gold* | MGH | 276 | 0.45 | 0.38 | 0.39 | – | 9.3 |
| Avalon Rare M* | AVL | 1021 | 1.41 | 1.25 | 1.29 | – | 8.5 |
| Rare Elemt Re* | REE | 1007 | 3.59 | 3.2 | 3.25 | – | 8.4 |
| Gold Fields* | GFI | 27479 | 12.08 | 11.09 | 11.32 | – | 7.8 |
| Brigus Gold* | BRD | 326 | 1.05 | 0.94 | 0.95 | – | 7.5 |
U.S. greatest value change
| Company | Symbol | Change | Close | Change | |
| Walter Energy* | WLT | 4788493 | 34.21 | + | 4.01 |
| Rio Tinto* | RIO | 1904172 | 52.4 | + | 2.6 |
| Peabody Enrgy* | BTU | 32128100 | 26.88 | + | 1.77 |
| BHP Billi-BBL* | BBL | 2226417 | 64.88 | + | 1.75 |
| Consol Energy* | CNX | 11321906 | 33.04 | + | 1.69 |
| Teck Res B* | TCK | 13130010 | 34.85 | + | 1.18 |
| Potash C Sask* | POT | 20427960 | 39.46 | + | 0.94 |
| BHP Billi-BHP* | BHP | 9384043 | 72.92 | + | 0.88 |
| OM Group* | OMG | 936881 | 20.78 | + | 0.81 |
| Alpha Nat Res* | ANR | 73978359 | 8.29 | + | 0.81 |
| Freeport McMo* | FCX | 3.22E+08 | 31.7 | – | 7.31 |
| Randgold Res* | GOLD | 2340990 | 102.33 | – | 5.03 |
| Newmont Mng* | NEM | 32521421 | 44.42 | – | 2.32 |
| Agrium* | AGU | 644424 | 99.87 | – | 2.15 |
| Agnico-Eagle* | AEM | 6760702 | 53.67 | – | 2.13 |
| Allied Nevada* | ANV | 618856 | 30.92 | – | 1.63 |
| Goldcorp* | GG | 28038674 | 37.32 | – | 1.38 |
| Alliance Rs P* | ARLP | 551688 | 55.56 | – | 1.31 |
| Silver Wheatn* | SLW | 14206915 | 35.74 | – | 1.02 |
| Gold Fields* | GFI | 27478711 | 11.32 | – | 0.96 |
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