MINING MARKETS & INVESTMENT NEWS – U.S. MARKETS — Dow rebounds after slide

The Dow Jones industrial average ended a 4-day slide during the report period Jan. 13-19, following an all-time high in the previous week. The average gained about 200 points to close at 9,355.22.

The financial turmoil in Brazil and the gyrating stock markets around the world had little effect on metal prices and producers, though most companies still lost ground in the face of continually lower metal prices.

Leading the decliners for the week was New York-listed Phelps Dodge, which lost $5.07 per share to close at US$49.31. The company reported a fourth-quarter loss of US$41.8 million (or 72 cents per share), though, for the year, it posted earnings of US$190.9 million ($3.26 per share).

American depository receipts for Rio Tinto dropped $1.63 to US$47.25 for the week. The company’s Kennecott copper division reported an accident at its Utah copper smelter, which is expected to take eight weeks to repair.

Shares of Newmont Mining fell $1.12 to close at US$18.69, Broken Hill Proprietary slipped 62 cents to close at US$15.38, and Cyprus Amax Minerals slumped to US$10.19, down 44 cents.

Class A shares of Freeport-McMoRan Copper & Gold dipped 19 cents to US$10.56, while class B shares gained 19 cents to close at US$11.25. The company posted a net income of US$42 million (26 cents per share) for the fourth quarter, and US$118 million (67 cents per share) for the full year.

Getchell Gold, listed on the American Stock Exchange, was off $1.44, to finish the week at US$28, while Apex Silver Mines lost 87 cents to close at US$8.75. Stillwater Mining dropped 31 cents to US$27.19.