MINING MARKETS & INVESTMENT NEWS – EASTERN MARKETS — Dow Jones breaks through 9,000 ceiling

Spurred by the third cut to interest rates this year, the Dow Jones industrial average surged during the Nov. 18-24 report period to an all-time high of 9,301.15 points. The average peaked at 9,374.27 on Nov. 24 after four days of consecutive gains.

American Stock Exchange-listed Stillwater Mining jumped $1.94 to a high of US$36.56 per share following the announcement by precious metals refiner Johnson Matthey that the palladium market would remain robust in the near future. Stillwater, which is the only primary producer of platinum and palladium in North America, has gained 20% in value since mid-October.

Over on the New York Stock Exchange, Cyprus Amax Minerals gained 69 cents to close at US$12.19, Southern Peru Copper climbed 63 cents to finish at US$11.94, and Freeport-McMoRan Copper & Gold Class B shares edged up 32 cents to US$13.88 while its Class A shares remained unchanged.

Australia’s Broken Hill Proprietary stepped up 38 cents to close at US$16.88, while Rio Tinto vaulted $1.88 to US$48.88. Meanwhile, Homestake Mining shed 50 cents to finish the week at US$11.81, while Hecla Mining dropped 10%, losing 44 cents to close at US$4.31. Battle Mountain Gold also dipped 44 cents, closing at US$5.06.

AMEX-listed junior Canyon Resources lost 7 cents, closing at 31 cents on fallout over the passage in Montana of anti-mining measures following mid-term elections. The company owns the McDonald gold project there.