MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow flirts with 9,000 mark

The Dow Jones industrial average edged closer to the 9,000 point mark, actually surpassing that level during the report period of Nov. 11-17. The average was up 122.3 points (or 1.4%) to finish the week at 8,986.98.

Mining issues were dragged down by weakness among the copper producers, led by New York-listed Asarco, which lost $1.68 to close at US$19.88. Its 54%-owned subsidiary, Southern Peru Copper, followed suit by shedding 88 cents to close at US$11.31.

Denver-based Cyprus Amax Minerals dropped $1.19 to close at US$11.50, while Phoenix-based Phelps Dodge lost $1.06 to finish the week at US$57. Class A and B shares of Freeport-McMoRan Copper & Gold were off 43 cents and 63 cents, respectively, to close at US$12.88 and US$13.56.

Continuing the blood-letting among the coppers, American depository receipts for Rio Tinto plunged $3.38 to close at US$47.

Gold issues were down generally as well, as the price of the yellow metal stayed below the US$300 per oz. Among the more widely traded issues, Newmont Mining lost 50 cents to close the week at US$21.75, while shares of Homestake Mining perked up 31 cents to close at US$12.31. South Africa’s Anglogold bumped up 37 cents to close at US$24.06, though Ghana’s Ashanti Goldfields dipped 44 cents to US$9.56.

On the American Stock Exchange, Getchell Gold lost $2 to finish the week at US$16.81, while shares of Lihir Gold, listed on Nasdaq, shed $1.75 to close at US$26.75.