MINING MARKETS & INVESTMENT NEWS — US MARKETS — US elections weigh on Dow

The Dow Jones industrial average gained 340.11 points, or 4.1%, over the Oct. 28-Nov. 3 report period to close at 8,706.15.

The average showed strength early in the week but grew sluggish as the Nov. 3 congressional elections approached.

Lower gold and copper prices put a damper on mining issues during moderate trading. Among the few gainers during the week was Getchell Gold, which climbed $1.12 to close at US$17.81 on the American Stock Exchange. The increase was a response to the company’s third-quarter report, which benefited from improved ground conditions and higher ore grades at the Turquoise Ridge mine.

New York-listed Newmont Mining fell $2.31 to US$20.75, Hecla Mining dropped 50 cents to close at US$4.19 following reports of a third-quarter loss of 5 cents per share, and Battle Mountain Gold shed 31 cents to finish at US$5.25.

Among copper producers, Phelps Dodge surged $3.06 to close at US$58.75; shares of Cyprus Amax Minerals dipped $1.06 to finish the week at US$12.50; and Southern Peru Copper was off $1.50 to close at US$11.25.

On the American Stock Exchange, Apex Silver Mines jumped 62 cents to US$8.50 on renewed strength in the silver market, while platinum-palladium producer Stillwater Mining hit an all-time high of US$33.

Canyon Resources was one of the first miners to feel the effects of the mid-term elections as voters in Montana, where Canyon owns the McDonald project, decided in favor of a law designed to curb the use of cyanide in mining. Shares of Canyon dropped 6 cents to 44 cents.