MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — A bloody week on Wall Street

The Dow Jones Industrial average lost 512 points on Aug. 31, its second-largest point drop in history. A rally the following day salvaged some of the damage as the Dow posted a 775-point loss, or 9%, for the report period ended Sept. 2.

Mining issues were badly bloodied during the week’s carnage, as Russia’s failure to shore up its economic crisis raised fears of commodity selling in the market.

Shares of Phelps Dodge, listed on the New York Stock Exchange, crashed through its previous 12-month low, losing $4.87 to close at US$46.69. American depository receipts for Rio Tinto followed suit, shedding $3.69 to close at US$38.56.

Gold issues suffered badly as the price of the yellow metal plunged to an 18-year low. Newmont Mining lost $2.57 to close at US$14.31 in heavy trading, while Newmont Gold lost $2.26 to close at US$15.62.

Shares of Lihir Gold, listed on Nasdaq, were pummeled, falling $3.87 to close at US$18.75.

Back in New York, Freeport-McMoRan Copper & Gold hit all-time lows for its Class A and B stocks, which ended the week down 88 cents and $1.12, to close at US$11.31 and US$11.69, respectively. Shares of Cyprus Amax Minerals tested an 11-year low, finishing the week down 56 cents at US$9.88.

Battle Mountain Gold lost 22% of its value, posting a loss of $1.06 to close at US$3.75.

Ashanti Goldfields bucked the trend with good news during the report period. On Sept. 1, it announced its intention to acquire Toronto-listed Samax Gold for US$5.08 per share in cash, or US$7.10 in stock. Ashanti was off 37 cents for the week to close at US$6.75.