The Dow Jones Industrial average climbed above the 9,000 mark during the holiday-shortened report period of July 2-7. The Dow gained 87.68 points (or 1%) to close at 9,085.04.
There were no fireworks among U.S.-listed mining issues, just decidedly mixed results. On the New York Stock Exchange, Phelps Dodge lost $1.30 to close at US$55.90, near its 12-month low, as copper prices dropped. Being more diversified, fellow copper producer Asarco managed to gain a quarter, closing at US$22.50.
Idaho-based Coeur d’Alene Mines gained 45 cents to close at US$7.20, while Freeport McMoRan Copper & Gold was up 50 cents to finish the week at US$15.70.
Meridian Gold, one of the few juniors listed on New York, jumped 75 cents to US$2.90 on the strength of a new high-grade discovery at the Penon project in Chile. The company outlined a steeply dipping structure, up to 7 metres thick that grades up to 70 grams gold and 470 grams silver per tonne.
Several foreign-owned listings also saw significant movements. Ghana’s Ashanti Goldfields fell 30 cents to close at US$7.80, while Peru’s Buenaventura posted a 40 cents gain to finish at US$13.50. On the Nasdaq, Papua New Guinea’s Lihir Gold charged up $1.25 to close at US$25.65.
On the American Exchange, Denver-based junior Canyon Resources dropped 19 cents to close at 56 cents. The company recently announced it was slowing the permitting process at its controversial McDonald gold project in Montana. Canyon is still searching for a joint-venture partner. Amex-listed Getchell Gold closed in on a new low, shedding $1.20 to finish the week at US$14.20.
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