(Kitco News) - Gold-mining stocks that trade in North America had a mostly softer tone during the first three trading days of this week, with Sibanye Gold Ltd. an exception after entering the platinum business.

Otherwise, many of the mining stocks that managed to post gains were those involved in other metals such as copper during the trading week shortened by Labor Day holidays in the U.S. and Canada.

As of Thursday’s close, Comex December gold futures were at $1,109.30 an ounce, a loss of $12.10, or 1.1%, since last week’s settlement.

During that same time span, the NYSE Arca Gold Bugs index (HUI) was down 2.1472 points, or 2%, to 106.5155. The Market Vectors Gold Miners exchange-traded fund (GDX), which consists of stocks of gold-mining companies, fell 27 cents to $13.12, a decline of 2%.

Sibanye Gold Ltd. (NYSE: SBGL) bucked the trend of weaker gold shares for the week when it rose 66 cents, or 13.6%. The company announced that it will buy the giant Rustenburg platinum mine in South Africa from Anglo American Platinum.

Rustenburg is the world’s largest platinum mine with annual output of more than 800,000 ounces. The purchase price was $331 million.

“We have for some time indicated our interest in participating in the PGM (platinum-group-metals) sector and believe that these assets provide an attractively priced entry at an advantageous moment in the price cycle,” said Neal Froneman, chief executive officer of Sibanye, which is South Africa’s largest gold producer and a top 10 producer globally.

Chart of Sibanye Gold shares

Otherwise, many of the gainers among the mining companies were producers with exposure to copper, which rose this week. December copper finished Thursday at $2.4470 a pound, a gain of 13.5 cents, or 5.8%, helped by news that commodity giant Glencore is cutting production coupled with improved Chinese imports.

Pacific Booker Minerals Inc. (TSXV: BKM), which is in the advanced stage of developing the Morrison copper/gold/molybdenum deposit in British Columbia, added 54 cents, or 28.3%.

First Quantum Minerals Ltd. (TSX: FM), which produces copper, nickel, gold and zinc, climbed $1.50, or 24.2%. Taseko Mines Ltd. (TSX: TKO), operator of Canada’s second-largest open-pit copper-molybdenum mine, rose 10 cents, or 16.1%. Both companies have gotten some favorable analyst comments.

Freeport-McMoRan (NYSE: FCX) gained $1.56, or 16.1%. Freeport is generally regarded as the world’s largest publicly traded copper company, although it also has stakes in oil, gas, gold and molybdenum. Freeport itself became one of the first producers to cut copper output last month. The company this week also cut its 2015 copper sales forecast at its Indonesia operation due to a lack of water as a result of El Nino conditions.

Among the larger producers, Yamana Gold Inc. (NYSE: AUY) was the biggest decliner, falling 21 cents, or 12.2%. Shares apparently fell with gold even though Yamana got a “buy” rating from HSBC.

Silvercorp Metals Inc. (TSX: SVM) lost 10 cents, or 10.5%, while Primero Mining Corp. (NYSE: PPP) slid 24 cents, or 10.2%.

With weaker metals prices, Endeavour Silver Corp. (NYSE: EXK) and McEwen Mining (NYSE: MUX) fell despite that might have been considered constructive news. Endeavour Silver Corp. reported that drilling at the Guanaceví Mine in Mexico has extended high-grade, gold-silver mineralization within three zones in the Santa Cruz vein. McEwen Mining increased its production guidance for 2015 to 150,000 gold-equivalent ounces from 138,000 previously as a result of higher grades and better recoveries at the El Gallo Mine in Mexico.

Endeavour lost 12 cents, or 7.6%, while McEwen Mining lost 4.5 cents, or 5.4%.

By Allen Sykora of Kitco News; asykora@kitco.com

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