MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow settles after early loss

With a dive of more than 200 points early in the report period of Sept.

16-22, the Dow Jones Industrial average firmed up, showing three consecutive days of only modest gains and losses. The average still closed down 127.19 points to 7,897.20, a change of 1.6% from the beginning of the report period.

While most of the mining issues were down for the week, there were some exceptions. Denver-based platinum producer Stillwater Mining, which is listed on the American Stock Exchange, climbed $2 to US$29.13 on continued reaction to its new long-term supply contracts, announced in early September. The contracts represent a percentage of production through 2003.

On the New York Stock Exchange, shares of Cyprus Amax Minerals gained $1 to close at US$12.94 despite continued weakness in the red metal. Other copper producers did not fare as well. Phelps Dodge lost $1.07 to close at US$49.69, while Class A and B shares of Freeport-McMoRan Copper & Gold fell 21 cents and 55 cents, respectively, to close at US$11.88 and US$12.05.

American depository receipts for South Africa’s Anglogold, listed on New York, dropped 69 cents to US$21.56, leading the losers in the golds.

Homestake Mining meanwhile shed 44 cents to close at US$10.75.

Shares of Newmont Gold showed weakness as a result of gold’s slide, dropping 62 cents to US$21. Newmont Mining lost 25 cents to US$19.25. On the American, Getchell Gold dropped 69 cents to close at US$13.50.