The crisis in Ukraine, where five pro-Moscow rebels were killed on April 24, weighed on U.S. stocks during the trading week. The Dow Jones Industrial Average dropped 0.29% to 16,361.46, while the S&P 500 Index remained more or less flat, down 0.08% at 1,863.40. Safe-haven buying sent the Philadelphia Gold & Silver Index up 3.47% to 93.31, and the gold price ended the week 0.77% higher at US$1,303.80 per oz.
Merger talks between Barrick Gold and Newmont Mining, buoyed Newmont’s shares. Newmont advanced US$2.91 to US$26.45 per share, while Barrick dipped US9¢ to US$17.89 per share. Reuters reported that while spin-out issues had been resolved, disagreement remained about “the power-sharing structures at the board level within a new combined entity.” In a letter to Barrick’s board on April 25 that wasn’t made public until April 28, Newmont said it was ending the talks, laying most of the blame on Barrick’s co-chairman, John Thornton. The company also reported a drop in first-quarter earnings due to lower gold and copper prices. Net income from operations fell to US$117 million, or US23¢ per share, down from US$314 million, or US63¢ per share, in last year’s first quarter.
Cliffs Natural Resources shed US65¢ to US$18 per share. The company posted a first-quarter loss due to lower prices for iron ore and metallurgical coal, and is battling hedge-fund and activist investor Casablanca Capital. The iron-ore and coal supplier reported a first-quarter net loss of US$83 million, or US54¢ per share, down from a net profit of US$97 million, or US66¢ per share, in the first quarter of 2013. Cliffs attributed the decline to cold weather, which impacted production and shipments on the Great Lakes.
Freeport-McMoRan Copper & Gold advanced US$1 to US$34.01, and reported net income attributable to common stock in the first quarter of US$510 million, or US49¢ per share, compared with US$648 million, or US68¢ per share, in the first quarter of 2013. Freeport’s consolidated cash totalled US$1.4 billion and its consolidated debt was US$20.9 billion. The miner expects to spend US$120 million on exploration this year.
U.S. most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Alcoa* | AA | 85296 | 13.7 | 13.22 | 13.33 | – | 0.23 |
| Barrick Gold* | ABX | 78547 | 18.03 | 17.17 | 17.89 | – | 0.09 |
| Newmont Mng* | NEM | 65757 | 26.5 | 24.32 | 26.45 | + | 2.91 |
| Arch Coal* | ACI | 65713 | 5.08 | 4.33 | 4.41 | – | 0.6 |
| Peabody Enrgy* | BTU | 64583 | 18.58 | 16.69 | 18 | + | 1.29 |
| Alpha Nat Res* | ANR | 58420 | 4.52 | 4.13 | 4.2 | – | 0.2 |
| Freeport McMo* | FCX | 40338 | 34.48 | 32.64 | 34.01 | + | 1 |
| Kinross Gold* | KGC | 39338 | 4.25 | 3.98 | 4.18 | + | 0.11 |
| Cliffs Nat Rs* | CLF | 32255 | 18.84 | 17.46 | 18 | – | 0.65 |
| Goldcorp* | GG | 29499 | 25.03 | 23.14 | 24.86 | + | 1.26 |
U.S. greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Silvercorp Mt* | SVM | 1164 | 2.3 | 1.95 | 2.21 | + | 13.3 |
| Newmont Mng* | NEM | 65757 | 26.5 | 24.32 | 26.45 | + | 12.3 |
| Pretium Res* | PVG | 1533 | 6.23 | 5.5 | 6.13 | + | 11.8 |
| Mag Silver* | MVG | 20 | 7.35 | 6.3 | 7.32 | + | 11.7 |
| Seabridge Gld* | SA | 1417 | 8.59 | 7.3 | 8.17 | + | 11.1 |
| Timmins Gold* | TGD | 987 | 1.44 | 1.27 | 1.42 | + | 10.9 |
| Eurasian Mnls* | EMXX | 383 | 1.08 | 0.92 | 1.06 | + | 10.4 |
| McEwen Mng* | MUX | 14169 | 2.65 | 2.16 | 2.49 | + | 10.1 |
| Loncor Res* | LON | 78 | 0.13 | 0.11 | 0.11 | + | 10 |
| Gold Fields* | GFI | 19225 | 4.33 | 3.77 | 4.32 | + | 9.6 |
| Minco Gold* | MGH | 449 | 0.33 | 0.28 | 0.28 | – | 16.6 |
| PolyMet Mng* | PLM | 2334 | 1.38 | 1.1 | 1.15 | – | 15.1 |
| Arch Coal* | ACI | 65713 | 5.08 | 4.33 | 4.41 | – | 11.9 |
| Mechel* | MTL | 1235 | 2.02 | 1.79 | 1.83 | – | 8 |
| Yanzhou Coal* | YZC | 451 | 8.07 | 7.26 | 7.41 | – | 7.8 |
| Entree Gold* | EGI | 384 | 0.34 | 0.31 | 0.32 | – | 6.6 |
| Silver Bull R* | SVBL | 403 | 0.35 | 0.31 | 0.31 | – | 6.4 |
| Tasman Mtls* | TAS | 601 | 1.47 | 1.28 | 1.31 | – | 6.4 |
| Paramount Gld* | PZG | 5385 | 1.19 | 1.02 | 1.05 | – | 6.2 |
| Walter Energy* | WLT | 4443 | 7.9 | 7.11 | 7.42 | – | 6.1 |
U.S. greatest value change
| Company | Symbol | Change | Close | Change | |
| Newmont Mng* | NEM | 65756887 | 26.45 | + | 2.91 |
| Alliance Rs P* | ARLP | 292116 | 86.61 | + | 2.01 |
| Tahoe Res* | TAHO | 136920 | 22.48 | + | 1.48 |
| Franco-Nevada* | FNV | 3211071 | 47.68 | + | 1.43 |
| Royal Gold* | RGLD | 2840324 | 66.05 | + | 1.35 |
| Peabody Enrgy* | BTU | 64582735 | 18 | + | 1.29 |
| Goldcorp* | GG | 29498874 | 24.86 | + | 1.26 |
| Agrium* | AGU | 397603 | 94.21 | + | 1.11 |
| Consol Energy* | CNX | 10844082 | 42.9 | + | 1.09 |
| Freeport McMo* | FCX | 40337539 | 34.01 | + | 1 |
| Compass Mnls* | CMP | 393369 | 83.64 | – | 2.2 |
| US Silica Hld* | SLCA | 1088810 | 40.92 | – | 1.34 |
| SunCoke Engy* | SXC | 561281 | 20.74 | – | 1.16 |
| Cabot Corp* | CBT | 986653 | 58.07 | – | 1.04 |
| Soc Quim&M Ch* | SQM | 2363653 | 31.5 | – | 0.82 |
| Cliffs Nat Rs* | CLF | 32254953 | 18 | – | 0.65 |
| Yanzhou Coal* | YZC | 451229 | 7.41 | – | 0.63 |
| Arch Coal* | ACI | 65712581 | 4.41 | – | 0.6 |
| Vale* | VALE | 19626584 | 13.51 | – | 0.59 |
| Walter Energy* | WLT | 4442606 | 7.42 | – | 0.49 |
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