The Dow Jones Industrial Average and the S&P 500 marked their eighth straight week of gains with the Dow climbing 21.64 points or 0.14% to 16,086.41 and the S&P 500 up 1.05 points or 0.10% to 1,805.81. The eight-week streak for the benchmark S&P 500 made it the “longest weekly stretch of gains since a nine-week run from November 2003 to January 2004,” Reuters says. For the month of November, the Dow posted a 3.5% gain and the S&P 500 a 2.8% advance. The Philadelphia Gold and Silver Index was up just 0.09 of a point or 0.10% to 86.46 from Nov. 25-29
Shares of Rio Tinto climbed US$1.32 to US$53.05 on news the company will expand its iron ore production in Australia. Rio said on Nov. 28 that from a base run rate of 290 million tonnes a year by the end of the first half of 2014, mine production capacity will increase by more than 60 million tonnes a year between 2014 and 2017. The majority of the growth is expected in the next two years with production of more than 330 million tonnes in 2015. Early tonnes will be delivered through brownfield expansion and Rio has approved $400 million for plant equipment and modification, as well as additional heavy machinery, at mine sites in the Pilbara. The additional production will be achieved at an all-in capital intensity of US$120-130 per tonne (low-US$100s a tonne per Rio Tinto share). In a separate announcement on Nov. 29, Rio said it is suspending production at its Gove alumina refinery because it is no longer a viable business in the current market conditions.
Augusta Resource ended the week US52¢ higher at US$1.70 per share after the U.S. Forest Service publicized that it has completed the final Environmental Impact Statement (EIS) for the company’s Rosemont copper project near Tucson, Arizona. Chief executive Gil Clausen noted that publication of the final EIS was “the culmination of more than six years of comprehensive environmental and technical studies and analyses.” With the EIS process concluded, he added, Augusta can move forward and finalize the last remaining steps of permitting.
Cliffs Natural Resources was down US$1.03 at US$25.01 per share following its announcement towards the end of the previous week that it has suspended indefinitely its chromite project in northern Ontario.
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