U.S. equity markets pulled out of a long slide on Oct. 14 and 17, finishing the reporting period Oct. 11-17 a little higher. The Dow Jones Industrial average gained 1%, finishing at 10,348.10 points, and the more broadly based Standard & Poors 500 was fractionally higher at 1,190.09 points at the close of trading on Oct. 17.
The mining sector took no notice of the rally, with most of the stocks in both precious and base metal mining posting declines for the trading period. Still, it was the big industrial metal miners that took the most punishment. Phelps Dodge, the biggest of the Americans, fell US$5.98 to US$125.40 on a volume of 11 million shares, while Southern Peru Copper fell US$2.72 to US$53.11. All four of the large multinationals lost ground: Rio Tinto was off US$3.87 at US$156, Companhia Vale do Rio Doce slid US$1.24 to US$39.46, BHP Billiton dipped US60 to US$30.48, and Nasdaq-listed Anglo American was US76 lower at US$28.53.
Newmont Mining was the most actively traded among the golds, with 17 million shares moving; profit taking brought it down US$1.25 to US$45.82. All three big South Africans headed downward, though Harmony Gold Mining only lost US2 to finish at US$10.95, while Gold Fields was down US27 to close at US$14.22 and AngloGold Ashanti fell US$1.25 to US$42.73.
Lihir Gold was up US75 to US$26.81 after announcing its mine in Papua New Guinea would be back in production in November. An Oct. 9 landslide on the road connecting the mine with the Lihir townsite killed two mine employees and cut off the water supply to the recovery plant.
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