US stock indexes flat, June 8-12

Concerns over a stalemate in Greece’s debt talks and improving economic data in the U.S. that could accelerate interest rates kept the lid on U.S. equities during the trading week. The Dow Jones Industrial Average advanced 0.3% to finish at 17,898.84, and the S&P 500 Index gained 0.6% to 2,094.11. The Philadelphia Gold & Silver Index slipped 1.7% to 66.55.

Shares of Banro jumped 20% to US37¢ per share, after the company updated its  resources and reserves at its wholly owned projects on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo. Overall reserves for its core projects Twangiza, Namoya, Lugushwa and Kamituga increased by 23% to 2.91 million oz. (42.9 million tonnes grading 2.11 grams gold per tonne) at US$1,200 per oz. gold. Total measured and indicated resources for all of its properties stand  at 7.73 million oz. gold (154.9 million tonnes grading 1.55 grams gold), while inferred resources measure 5.26 million oz. gold (97.8 million tonnes grading 1.67 grams gold per tonne).

Peabody Energy was the most traded stock after announcing plans for a leaner corporate structure. The coal producer, with metallurgical and thermal coal customers in more than 25 countries, said it would reduce its corporate and regional headcount by 250 people by year-end, saving the company up to US$45 million. Peabody’s shares dropped US67¢ to US$2.53. The reductions represent 25% of Peabody’s corporate and regional support positions, and most of the cuts will be made before July. It is also reviewing shifts, scheduling and mine planning at operations in Australia “to determine optimal production levels.”

Newmont Mining’s shares fell US$2.34 to US$23.55. The company is buying AngloGold Ashanti’s Cripple Creek & Victor gold mine in Colorado for US$820 million in cash, plus a 2.5% net smelter return royalty for gold production from future underground ore. The deal will add 350,000 oz. and 400,000 oz. gold per year in 2016 and 2017, at all-in sustaining costs of between US$825 and US$875 per oz.


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