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TABLE OF CONTENTS Aug 11 - 17, 2014 Volume 100 Number 26 - 0 comments

U.S. markets fall sharply, July 28-Aug. 1

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2014-08-06

Argentina’s second debt default in 13 years — combined with more fighting in the Ukraine and Gaza, and uncertainty over Federal Reserve policy — pushed U.S. equity markets into negative territory. The S&P 500 suffered its biggest weekly loss since June 2012, plunging 2.7% to 1,925.15. The Dow Jones Industrial Average fell 2.8% to 16,493.37, and the Philadelphia Gold and Silver Index lost 2.1% to close the week at 99.49.

Shares of Cliffs Natural Resources jumped US$1.26, or 7.8%, to US$17.36 per share after activist hedge fund Casablanca Capital elected six of its nominees to the board of directors. New York-based Casablanca owns a 5.2% stake in Cliffs and had waged a six-month battle for control of the board. Next it will remove the company’s current CEO. Cliffs recorded a net loss attributable to common shareholders of US$2 million, or US1¢ per diluted share, compared with net income of US$133 million, or US82¢ per diluted share, in the second quarter of 2013.

News that Alderon Iron Ore had signed a second offtake agreement for iron ore from its 75%-owned Kami project in the Labrador Trough sent its shares up 7.4% to US$1.28. A subsidiary of Glencore will buy 40% of the iron-ore concentrate produced at Kami, up to a maximum of 3.2 million tonnes. The agreement will stay in place until Glencore receives 48 million tonnes of concentrate, which is expected to be in the project’s fifteenth year of production. Alderon’s first offtake agreement is with Hebei Iron and Steel Group Co., its 25% partner at Kami and China’s largest steelmaker. Hebei has the right to buy 60% of Kami’s annual production, and owns nearly 20% of Alderon’s shares.

Newmont Mining gained US5¢ to US$25.20. The company announced plans to invest US$1 billion in its Merian gold project in Suriname, with production expected to start in late 2016. In a release, Newmont said its divestment of nearly US$800 million in non-core assets would help fund the next generation of lower-cost projects in its portfolio. Newmont also reported adjusted earnings of US$101 million, or US20¢ per share, in the second quarter. Before adjustments, its earnings were US$182 million, or US37¢ per share.

U.S. most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Alcoa* AA 88466 17.14 16.12 16.44 - 0.12
Cliffs Nat Rs* CLF 43532 18.33 16.18 17.35 + 1.26
Freeport McMo* FCX 39193 38.26 36.47 36.78 - 1.21
Barrick Gold* ABX 35213 18.78 18.02 18.21 - 0.47
Kinross Gold* KGC 34683 4.18 3.94 3.98 - 0.14
Alpha Nat Res* ANR 33485 3.62 3.23 3.37 + 0.08
Arch Coal* ACI 32671 3.12 2.82 2.95 + 0.06
Hecla Mining* HL 31228 3.37 3.07 3.09 - 0.22
Peabody Enrgy* BTU 30797 15.79 14.99 15.13 + 0.14
Newmont Mng* NEM 29817 25.76 24.77 25.2 + 0.05

U.S. greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Seabridge Gld* SA 2418 9.62 8.15 9.36 + 12.6
Silver Bull R* SVBL 2047 0.28 0.26 0.28 + 12
Revett Mnls* RVM 785 1.3 1.09 1.24 + 11.7
Midway Gold* MDW 435 0.94 0.84 0.94 + 7.9
Tanz Roy Exp* TRX 1115 2.45 2.2 2.44 + 7.9
Cliffs Nat Rs* CLF 43532 18.33 16.18 17.35 + 7.8
Golden Star* GSS 3816 0.56 0.51 0.55 + 7.8
Alderon Irn O* AXX 788 1.49 1.19 1.28 + 7.4
Oxford Res P* OXF 14 0.93 0.85 0.91 + 6.9
NovaCopper* NCQ 566 1.05 0.98 1.02 + 6.2
Alexco Res* AXU 3674 1.28 1.01 1.03 - 16.2
Mines Managem* MGN 499 0.91 0.79 0.8 - 15.4
OM Group* OMG 1751 29.68 24.08 25.17 - 15.2
Banro* BAA 7027 0.28 0.22 0.23 - 13.5
North Am Pall* PAL 19414 0.32 0.26 0.26 - 13.3
Golden Mnls* AUMN 1005 1.29 1.12 1.13 - 12.1
Hi-Crush Part* HCLP 263 66.09 56.66 58.59 - 10.5
Quest Rare Mn* QRM 569 0.23 0.2 0.2 - 10.3
Agnico-Eagle* AEM 10249 42.41 36.6 37.62 - 10
CVR Partners* UAN 295 19.15 16.3 17.13 - 9.6

U.S. greatest value change


Company Symbol Change Close Change
Cliffs Nat Rs* CLF 43532207 17.35 + 1.26
Seabridge Gld* SA 2417976 9.36 + 1.05
Alliance Rs P* ARLP 1229999 49.54 + 0.89
Intrepid Pots* IPI 1089836 15.11 + 0.55
Minas Buenavn* BVN 6773156 12.06 + 0.53
Yamana Gold* AUY 6103563 8.66 + 0.35
Teck Res B* TCK 11402234 23.77 + 0.34
Yanzhou Coal* YZC 745717 8.32 + 0.26
Alamos Gold* AGI 1228517 9.57 + 0.19
Nevsun Res* NSU 1389456 3.94 + 0.19
Compass Mnls* CMP 652777 86.01 - 8.61
Hi-Crush Part* HCLP 262802 58.59 - 6.92
OM Group* OMG 1751411 25.17 - 4.52
US Silica Hld* SLCA 1772903 56.08 - 4.37
Cabot Corp* CBT 2454803 52.87 - 4.24
Agnico-Eagle* AEM 10249318 37.62 - 4.2
BHP Billi-BBL* BBL 2792655 67.71 - 2.84
BHP Billi-BHP* BHP 7472790 70.95 - 2.28
CVR Partners* UAN 295197 17.13 - 1.83
Royal Gold* RGLD 2235280 76.33 - 1.74


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