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Mines Management gained 14.8% last week after the company announced that its Montanore mine project is one step closer to production with the Supplemental Draft Environmental Impact Statement reaching the final phase of approval. The U.S. Forest Service has completed an SDEIS for the Montanore Project.
Meanwhile, ArcelorMittal rose 3.6% after forecasting higher EBITDA for the second half of the year compared to the same period in 2010. The steel giant sees EBITDA in the range of $2.4 billion to $2.8 billion. Also, ArcelorMittal Temirtau in Kazakhstan estimates crude steel production to rise 15.2% in 2011, driven by increased demand from the export market.
Worthington Industries added 3.2% after the company bought the assets of STAKO, a Poland-based maker of propane tanks for the auto industry. This acquisition will be added to Worthington's pressure cylinders division in order to expand its offering for alternative-fuel vehicles.
Ternium(TX - Get Report) rose 3.1% after Goldman Sachs upgraded the stock to buy from neutral with a price target of $31.5, indicating a 51.2% rise from current levels. Among others,
Metalico(MEA) jumped 2.7% and 1.8%, respectively. On Sep. 23, Walter Barandiaran, a director on Metalico's board, bought 100,000 shares at $3.88, signaling a strong buy for investors.
Golden Star Resources(GSS) and
Barrick Gold(ABX - Get Report) edged up 0.5% each, while
Randgold Resources(GOLD - Get Report) increased 0.3%.
Among the losers, Horsehead Holding was at the top, slumping 14.8%, while Alpha Natural Resources erased 13.2%. Meanwhile, Silver Standard Resources shed 12.4% at the close.
Cliffs Natural Resources(CLF - Get Report) plummeted 11.5%. During the week, the company said it is seeking a buyer for its biomass energy subsidiary renewaFUEL. Moreover, Cliffs would be taking a $30 million pre-tax charge to its third-quarter earnings so as to idle operations at renewaFUEL.
New Gold(NGD - Get Report) and
U.S. Gold(UXG) slumped 11.7% and 11.1%, respectively.
Royal Gold(RGLD - Get Report) dropped 10.3%. Industry analysts comment that October is likely to be gold's worst month, based on historical data. Over the last three decades, the London PM Fixing Price in dollar terms has lost an average 0.9% during October as compared to a 0.6% gain during the other months. Meanwhile, gold prices edged down 0.15%, to $1,623.97 per ounce.