After five straight weeks of gains, U.S. equity indexes dropped as President Barack Obama authorized air strikes against the terrorist group ISIS and imposed more sanctions against Russia. The Dow Jones Industrial Average fell 0.87% to 16,987.51, while the S&P 500 Index decreased 1.10% to 1,985.54. The gold spot price lost 3.16% to finish the week at US$1,228.30 per oz., and the Philadelphia Gold & Silver Index plunged 3.82% to finish the week at 91.66.
Shares of Gold Standard Ventures jumped 10.1% to 66¢. On Sept. 10 the junior released an initial resource estimate for its Pinion gold deposit at its 100% controlled Railroad–Pinion project in Nevada’s Carlin trend. The deposit has an indicated mineral resource of 20.8 million tonnes grading 0.63 gram gold per tonne at a cut-off grade of 0.14 gram gold per tonne for 423,000 contained oz. gold. The inferred resource stands at 55.93 million tones averaging 0.57 gram gold per tonne for 1.02 million oz. gold. The estimate is based on 342 reverse-circulation holes and 15 diamond core holes. The mineralization remains open in multiple directions. The company plans to complete a second resource estimate with results from a second drill program that is starting up now, and expects to complete an updated estimate during the first quarter of 2015, and have a preliminary economic assessment finished by mid-2015.
Newmont Mining struck a deal to sell its 44% stake in the Penmont joint venture in Mexico to Fresnillo, which owns the remaining 56%. The deal is valued at US$477 million, including US$450 million in cash at the time the transaction closes. Since last year Newmont has generated US$1.3 billion from the disposal of non-core assets and says the sales have improved its financial flexibility and better positioned the company to “fund the next generation” of its profitable operations, such as Merian in Suriname. Newmont’s shares ended the week down US$1.27 at US$25.17.
Vale and the China Ocean Shipping Co. signed a framework agreement for strategic co-operation in iron-ore shipping. Vale’s shares closed down 47¢ at US$12.30 per share.
U.S. most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Alcoa* | AA | 45003 | 17.3 | 16.55 | 16.72 | – | 0.36 |
| Kinross Gold* | KGC | 32550 | 3.79 | 3.62 | 3.7 | – | 0.17 |
| Barrick Gold* | ABX | 29742 | 17.09 | 16.46 | 16.52 | – | 0.9 |
| Alpha Nat Res* | ANR | 23957 | 3.64 | 3.33 | 3.44 | – | 0.06 |
| Freeport McMo* | FCX | 20861 | 35.02 | 33.91 | 34.24 | – | 0.31 |
| Newmont Mng* | NEM | 19849 | 25.89 | 24.92 | 25.17 | – | 1.27 |
| Peabody Enrgy* | BTU | 19616 | 15.14 | 14.31 | 14.44 | – | 0.49 |
| Vale* | VALE | 19603 | 12.52 | 12.1 | 12.3 | – | 0.47 |
| Gold Fields* | GFI | 18997 | 4.48 | 4.26 | 4.35 | – | 0.35 |
| AngloGold Ash* | AU | 18023 | 15.74 | 12.75 | 13.45 | – | 2.42 |
U.S. greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Turquoise HIl* | TRQ | 2975 | 3.97 | 3.25 | 3.95 | + | 10.3 |
| Gold Std Vnt* | GSV | 744 | 0.7 | 0.6 | 0.66 | + | 10.1 |
| Uranium Ener* | UEC | 302 | 1.44 | 1.3 | 1.42 | + | 8.4 |
| Intrepid Pots* | IPI | 687 | 16.24 | 14.69 | 16.13 | + | 7.6 |
| Mines Managem* | MGN | 191 | 0.74 | 0.6 | 0.67 | + | 7.3 |
| Ur-Energy* | URG | 306 | 1.15 | 1.09 | 1.14 | + | 6.5 |
| Golden Star* | GSS | 2389 | 0.48 | 0.44 | 0.46 | + | 4.3 |
| Western Coppr* | WRN | 128 | 0.72 | 0.65 | 0.66 | + | 4 |
| Almaden Mnls* | AAU | 899 | 1.64 | 1.45 | 1.58 | + | 3.9 |
| US Silica Hld* | SLCA | 1082 | 70 | 63.26 | 67.65 | + | 3.2 |
| SinoCoking Cl* | SCOK | 13612 | 7.39 | 2.73 | 6.37 | – | 18.9 |
| AngloGold Ash* | AU | 18023 | 15.74 | 12.75 | 13.45 | – | 15.2 |
| Richmont Mine* | RIC | 1090 | 2.61 | 2.08 | – | 13.8 | |
| SilverCrest M* | SVLC | 970 | 1.86 | 1.61 | 1.72 | – | 13.5 |
| Walter Energy* | WLT | 2447 | 5.07 | 4.11 | 4.15 | – | 13 |
| Timmins Gold* | TGD | 382 | 1.58 | 1.38 | 1.42 | – | 12.3 |
| AuRico Gold* | AUQ | 1121 | 4.1 | 3.77 | 3.77 | – | 12.1 |
| McEwen Mng* | MUX | 4167 | 2.5 | 2.35 | 2.42 | – | 11.6 |
| Seabridge Gld* | SA | 1457 | 9.91 | 8.94 | 8.97 | – | 11.5 |
| Banro* | BAA | 2958 | 0.26 | 0.24 | 0.24 | – | 10.3 |
U.S. greatest value change
| Company | Symbol | Change | Close | Change | |
| US Silica Hld* | SLCA | 1081924 | 67.65 | + | 2.14 |
| Intrepid Pots* | IPI | 687321 | 16.13 | + | 1.14 |
| Compass Mnls* | CMP | 106184 | 89.79 | + | 0.82 |
| Potash C Sask* | POT | 11703362 | 34.29 | + | 0.7 |
| Soc Quim&M Ch* | SQM | 945403 | 27.33 | + | 0.57 |
| Cabot Corp* | CBT | 794754 | 54.2 | + | 0.57 |
| Turquoise HIl* | TRQ | 2975063 | 3.95 | + | 0.37 |
| Hi-Crush Part* | HCLP | 255454 | 64.73 | + | 0.35 |
| Mesabi Trust* | MSB | 234381 | 20 | + | 0.26 |
| Cameco Corp* | CCJ | 5464918 | 19.13 | + | 0.22 |
| Royal Gold* | RGLD | 2178129 | 70.98 | – | 4.53 |
| Randgold Res* | GOLD | 1873965 | 75.39 | – | 4.17 |
| Franco-Nevada* | FNV | 1647713 | 52.82 | – | 4.01 |
| AngloGold Ash* | AU | 18022708 | 13.45 | – | 2.42 |
| Agnico-Eagle* | AEM | 7330312 | 33.98 | – | 1.89 |
| Central GoldT* | GTU | 170516 | 42.38 | – | 1.58 |
| SinoCoking Cl* | SCOK | 13611809 | 6.37 | – | 1.49 |
| MDU Res* | MDU | 1699258 | 30.17 | – | 1.3 |
| Silver Wheatn* | SLW | 11751260 | 23.02 | – | 1.29 |
| Newmont Mng* | NEM | 19849232 | 25.17 | – | 1.27 |
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