MINING MARKET & INVESTMENT NEWS — U.S. MARKETS — Wall Street on rocky road

After a rocky report period (Sept. 9-15), the Dow Jones industrial average ended fractionally higher. The average dived during the first half of the period, losing several hundred points, only to recover in the last three days to finish 3.61 points higher to close at 8,024.39.

Gyrations on the broader market spelled good news for precious metals producers, as the week ended with many issues up after suffering hard losses in earlier weeks.

Leading the gainers was Rio Tinto, which trades as American depository receipts (ADRs) on the New York Stock Exchange. The ADRs rose $3.75 during the period to close at US$46.50.

Nasdaq-listed Lihir Gold jumped $3 to close at US$22.75, responding to the uptick in gold prices. ADRs for the world’s largest gold producer, New York-listed Anglogold, rose $1.25 to US$22.25.

Denver-based Newmont Mining gained 44 cents to close at US$19.50 on more than 10 million shares traded. Its 94%-owned subsidiary, Newmont Gold, advanced 62 cents to close at US$21.12. Shares of Battle Mountain Gold climbed 56 cents to US$4.94, while Ashanti Goldfields rose 50 cents to US$7.

Homestake Mining dropped 12 cents on nearly 7 million shares traded to close at US$11.19. The company announced a revised mining schedule at its Mt. Charlotte mine in Australia.

Copper producers fared well, as shares of Cyprus Amax Minerals added 82 cents to finish the week at US$11.94 and Phelps Dodge gained 62 cents to close at US$48.62. However, Class B shares of Freeport-McMoRan Copper & Gold lost 82 cents to close at US$12.62.