Mining stocks survive broad market woes

The release of another cautious U.S. consumer report pushed the Standard & Poor’s 500 index down 8.93 points, or 0.8%, during the holiday-shortened May 22-28 report period. Likewise, the Down Jones Industrial Average sank 124.13 points to 9,981.58 for a loss of 1.23%.

Gold bugs evaded the economic swatter as the yellow metal flew to higher ground. South African producer Durham Deeps was the most active of the bunch, rising US43 to US$5.21 on a volume of 28.5 million shares. But the highest gain went to Peruvian miner Compania de Minas Buenaventura, which leaped US$2.51 to US$31.71. Also up were Newmont Mining, to US$32 for a gain of US$1.19, AngloGold, to US$34.29 for a gain of US$1.85, and Harmony Gold, to US$18.87 for a gain of US$1.45.

Platinum producer Stillwater Mining was up US4, at US$17.99, as its product made modest gains in bullion markets.

The base metals fared as well as its precious cousins, with Phelps Dodge climbing US$1.66 to US$38.01, Freeport-McMoRan Copper & Gold ascending US$1.22 to US$20.80, and Southern Peru Copper rising US33 to US$14.99. The overseas houses also ended the period higher, except for Rio Tinto, which fell US$1.25 to US$78.50. Anglo American rose US80 to US$18.95, BHP Billiton was up US10 at US$12.50, and WMC was US9 higher at US$21.49.