MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow Industrial retests 9,000 mark

The Dow Jones Industrial average was up 168.90 points (or 1.9%) over the report period June 24-29 to close at 8,997.36 in pre-holiday trading.

Mining issues were mixed, with a few more losers than gainers. Stillwater Mining led the gainers for the week, jumping $1.05 to close at US$27.50. The platinum-group-metals miner, listed on the American Stock Exchange, is again within striking distance of a 12-month high as platinum and palladium prices remain strong.

On the New York Stock Exchange, Battle Mountain Gold climbed 30 cents to US$5.70, while Coeur d’Alene Mines hit a 12-month low, dropping 45 cents to close at US$6.40.

Newmont Gold shed 55 cents to close the week at US$23.25, and Newmont Mining lost 30 cents to finish at US$22.20. Both issues were close to their 12-month lows.

Australia’s Broken Hill Proprietary lost 30 cents for the week, closing at US$16.30. In its 1998 fiscal year ended May 31, the company posted writedowns totalling US$1.7 billion. Nearly half of the writedowns came from its copper division, which has been hit hard by low metal prices and El Nino-related drought problems at the Ok Tedi mine in Papua New Guinea.

American Depository Receipts for Rio Tinto dropped $1.90 to close at US$47, though the company recently decided to expand the Argyle diamond mine in Australia.

On the American Exchange, Getchell Gold lost $1.15 to close at US$14.65 as slumping gold prices continued to hurt the Colorado-based producer.

On the Nasdaq, Denver-based royalty junior Royal Gold took over exploration at the Milos project in Greece. The company’s shares lost 65 cents for the week to close at US$4.75.