U.S. Markets December 21-29

As stock markets in the United States paused to mark the death of former president Gerald Ford, investors were left to wonder whether or not the gains that sent the Dow Jones Industrial Average to a succession of record closes in 2006 will continue.

Analysts say the outlook depends on whether businesses and the economy can deliver on expectations for low interest rates, strong corporate profits and steady economic growth that have already been built into U.S. stock prices.

They are sentiments that drove the Dow Jones up 41.9 points to 12,463.15 during the Dec. 21-29 trading session, while the broad market S&P 500 Index was unchanged at 1,418.30.

Before stock markets took a New Year’s breather, Freeport-McMoRan Copper & Gold was active on news that it may have to sell a 9.36% stake in its huge Grasberg copper mine in Indonesia to local entities.

According to Reuters, Indonesia’s minister of mines has warned the U.S. mining company that if local governments in Papau — the province where Grasberg is located — don’t buy the interest, the company would be asked to tender it out for bids.

Grasberg is the world’s second-largest copper mine, and a jewel in the asset base of one of the world’s largest producers of copper and gold.

The ominous news comes as the mining industry prepares to mark the tenth anniversary of Bre-X Minerals’ Busang gold debacle, which featured a move by the family of former Indonesian dictator Suharto, to grab the mineral rights.

That bid came months before it was confirmed in March 1997, that Busang was a scam.

While Freeport has yet to make an official comment, the company’s stock price fell US$2.65 to US$55.73 in active trading.

On Dec. 26, Freeport said it had secured the green light from U.S. antitrust authorities for its US$26-billion bid to acquire rival Phelps Dodge of Phoenix, Ariz.

While the combination will rank as the world’s largest publicly traded copper company, shares of Phelps Dodge eased US$1.07 to US$119.72.

Meanwhile, diversified miner Companhia Vale do Rio Doce rose US68 to US$29.74 after CVRD president Roger Angelli said the company is in talks with Xstrata regarding potential synergies for their respective nickel operations in Sudbury, Ont.

Talks follow CVRD’s acquisition of Inco and Xstrata’s purchase of Falconbridge last year, moves which made the acquiring companies neighbours in the Sudbury basin.

Among the major gold companies,Newmont Mining was down US73 to US$45.15, while Barrick Gold rose US49 to US$30.70.

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
Silverado*	SLGLF	31384	0.107	0.079	0.094	-0.002
Golden Eagle*	MYNG	22623	0.01	0.008	0.008	-0.001
Freeport McMo*	FCX	17002	58.00	53.40	55.73	-2.65
Alcoa*	AA	15597	30.25	28.86	30.01	+0.02
CVRD*	RIO	14514	30.45	28.71	29.74	+0.68
Goldcorp*	GG	14102	28.84	26.73	28.44	+0.84
Newmont Mng*	NEM	12641	46.16	44.76	45.15	-0.73
Peabody Enrgy*	BTU	11753	42.00	40.29	40.41	-1.20
Barrick Gold*	ABX	11382	30.97	29.58	30.70	+0.49
Equitable Mng*	EQBM	11372	0.01	0.006	0.007	-0.001

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE	CHANGE
McKenzie Bay*	MKBY	1391	0.26	0.155	0.25	+78.5
NT Holding*	NTHH	48	0.40	0.25	0.40	+60.0
Tara Gold*	TRGD	2414	1.38	0.95	1.32	+30.6
Shoshone Silv*	SHSH	134	0.29	0.23	0.29	+26.0
Wealth Minls*	WMLLF	91	2.25	1.65	2.06	+22.0
Alberta Star *	ASXSF	3704	1.87	1.45	1.87	+19.1
Colombia Gldf*	CGDF	2072	1.55	1.20	1.46	+17.7
Grand Cen Sil*	GSLM	57	1.36	1.21	1.35	+17.3
Geocom Res*	GOCM	321	0.27	0.21	0.263	+16.8
Starfield Res*	SRFDF	1188	0.30	0.23	0.27	+16.8
Klondike Star*	KDSM	1266	2.50	1.50	1.62	-35.2
Sao Luis Mng*	SAOL	626	0.54	0.32	0.35	-32.6
Rubicon Mnls*	RBY	90	1.21	0.80	0.82	-31.0
Brookmount Ex*	BMXI	38	0.15	0.12	0.14	-26.3
Konigsberg*	KGBC	505	0.302	0.23	0.24	-25.0
Homeland Pr M*	HPMEF	425	0.82	0.57	0.60	-24.0
Centrl Minera*	CENMF	19	0.09	0.04	0.04	-20.0
New Jersey Mg*	NJMC	646	0.60	0.35	0.51	-15.0
Equitable Mng*	EQBM	11372	0.01	0.006	0.007	-12.5
HuntMountain*	HNTM	48	0.65	0.60	0.60	-12.4

U.S. greatest value change

		VOLUME	CLOSE	CHANGE
Potash C Sask*	POT	2300100	143.48	+2.78
Cabot Corp*	CBT	1054700	43.57	+2.05
Cleveland-Cli*	CLF	2588100	48.44	+1.99
Mesabi Trust*	MSB	143200	27.71	+1.74
StreetTr Gold*	GLD	3156400	63.21	+1.59
AngloGold Ash*	AU	2384600	47.09	+1.57
Buenaventura*	BVN	1282400	28.06	+1.25
Minefinders*	MFN	255900	8.90	+1.01
Alcan*	AL	3482600	48.74	+0.97
Aber Diamond*	ABER	45874	36.69	+0.92
NACCO Ind*	NC	57300	136.60	-5.51
Soc Quim&M Ch*	SQM	215900	135.57	-3.97
Freeport McMo*	FCX	17001500	55.73	-2.65
Arch Coal*	ACI	6744300	30.03	-1.80
CONSOL Energy*	CNX	4894500	32.13	-1.52
Fording C C T*	FDG	3569700	20.75	-1.279
Foundatn Coal*	FCL	2118500	31.76	-1.24
Peabody Enrgy*	BTU	11753300	40.41	-1.20
Phelps Dodge*	PD	9573600	119.72	-1.07
Massey Energy*	MEE	4473800	23.23	-1.06