Base metals declined while precious metals gained
On Tuesday, July 5, most of the companies related to base metals fell due to the weak sentiment in the base metal sector. At 2:08 PM EDT, the PowerShares DB Base Metals ETF (DBB) and the SPDR S&P Metals & Mining ETF (XME) fell by ~1.6% and ~2.1%. The SPDR Gold Shares ETF (GLD) gained ~0.88%.
Freeport achieves its debt reduction target
Freeport-McMoRan (FCX), one of the biggest miners in the world, reached its debt reduction target for the first half of 2016. At the beginning of the year, the company announced its plans to reduce its liabilities by $4 billion by June 30.
Since the beginning of 2016, Freeport-McMoRan has raised about ~$3.9 billion by selling assets. These assets include its stake in the Morenci mine for ~$1 billion, the sale of its interests in TF Holdings for ~$2.7 billion, and its stake in a Serbian copper mine for $263 million.
Since the beginning of 2016, Freeport-McMoRan has gained more than ~55%. At 11:14 AM EDT on Tuesday, July 5, the company was trading at $10.51, a drop of ~7.5%.
BHP Billiton expands Escondida copper mine
BHP Billiton (BHP), the Anglo-Australian metals and mining giant, announced its plan to expand Escondida, the world’s largest copper mine. This expansion will facilitate an annual copper output increase of 150,000 tons and would cost around $200 million for the expansion.
Since the beginning of 2016, BHP has gained about ~8.5%. At 11:23 PM EDT on Tuesday, July 5, BHP was trading at $28.05, a drop of ~2.0%.
Top five and bottom five performers in the gold industry
The performance of the top five companies in the gold industry at 3:30 PM EDT on July 5 were:
- DRDGOLD Limited (DRD) rose by ~10.2%
- McEwen Mining (MUX) rose by ~7.0%
- Harmony Gold Mining (HMY) rose by ~5.3%
- Kinross Gold (KGC) rose by ~5.2%
- IAMGold (IAG) rose by ~3.3%
The performance of the bottom five companies in the gold industry at 3:30 PM EDT on July 5 were: