The Dow Jones industrial average gained 65.17 points to close at 10,596.26 for the report period ended June 1. Even though weakness in the gold and copper markets continued, some mining issues had a good week.
Anglogold, listed on the New York Stock Exchange, climbed 75 cents to US$19.75 as the yellow metal fell to a new low of US$268.20 on the Comex division of the New York Mercantile Exchange.
Analysts expect the renewed slump in gold to continue until around July 6, the date of a British gold reserve auction
Newmont Mining took the news hard, dipping 56 cents to US$17.50, while Homestake Mining hit a new low of US$7.56, down 32 cents on the week.
Papua New Guinea’s Lihir Gold, listed on Nasdaq, slid $2.50 to US$13.88. Its largest shareholder, Toronto-listed Vengold, recently sold 25 million shares to reduce outstanding bank debt.
Copper prices eroded to 63 cents per lb. on Comex, sending many producers into a dive. Class A and B shares of Freeport-McMoRan Copper & Gold lost 63 cents and 50 cents to close at US$13.62 and US$14.44, respectively. Rio Tinto dropped $2.06 to US$58.75, and Australia’s Broken Hill Proprietary dipped 56 cents to US$20.75.
Bucking the negative trend, Asarco gained 69 cents at US$17.44, while Cyprus Amax Minerals flirted with a new high, climbing 63 cents to US$13.38. Phelps Dodge edged up 12 cents to US$56.12. De Beers Consolidated Mines dropped US$1.19 to US$21.69.
Among the juniors, Nasdaq-listed Chief Consolidated Mining slipped 50 cents to close at US$4.36, while Royal Gold lost 31 cents at US$4.
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