MINING MARKET & INVESTMENT NEWS — U.S. MARKETS — Dow closes above 10K mark

In the report period ended April 13, the Dow Jones industrial average finally closed above the 10,000 mark, finishing the week at 10,395.01, up 433.52 points, or 4.3%.

Strength in the gold and copper markets resulted in steady gains for producing companies. The yellow metal edged upward to US$284.10 on the Comex division of the New York Mercantile Exchange — a rise triggered by the Balkan conflict in Eastern Europe. This pushed Newmont Mining, listed on the New York Stock Exchange, $1.63 higher to US$18.69.

Homestake Mining gained 50 cents to close at US$8.88, after announcing 80 layoffs at its Super Pit in Australia. Hecla Mining climbed out of the cellar with a gain of 26 cents to close at US$2.89.

Getchell Gold, listed on the American Stock Exchange, rose 94 cents to reach US$26.50, while Lihir Gold, on Nasdaq, advanced 62 cents to close at US$17.62.

Copper producers fared well as the red metal reached US65 cents per lb. in response to speculation of production cuts.

Class A and B shares of Freeport-McMoRan Copper & Gold climbed 62 cents and 69 cents to close at US$10.50 and US$11.31, respectively.

Australia’s Broken Hill Proprietary increased 68 cents to US$18.06, while Southern Peru Copper rose 69 cents to US$10.81. Phelps Dodge gained 50 cents to close at US$50.44, beating market expectations with net income of 1 cents per share in the first quarter.

Nasdaq-listed Anglo American spurred South African issues, leaping $5 per share to close at US$41.25. De Beers Consolidated Mines rose $1.33 to US$20.69.

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