Miners shine over long weekend

For the holiday-shortened week ended Sept. 5, the Dow Jones industrial average rose 45.51 points, or 0.4%, to close at 11,260.61 in light trading.

Mining issues enjoyed gains as gold climbed back after several off-weeks, though the spot price on the Comex division of the New York Mercantile Exchange slipped a bit to finish the week at US$275.80 per oz. Newmont Mining led the charge, climbing $1.06 to US$18.56, with AngloGold following close behind, up 57 to US$19.88. Ashanti Goldfields picked up 38 to close at US$2.94 on the New York Stock Exchange, while Nasdaq-listed Harmony Gold Mining added 25 to close at US$5.44. Mid-sized Glamis Gold advanced 13 to US$1.69, though Peru’s Compania de Minas Buenaventura lost 44 to close at US$16.06.

Phelps Dodge left other red metal-producers in the dust, racing up $5.63 to close at US$46.69, as Comex spot copper cleared US90 per lb. Class A shares of Freeport-McMoRan Copper & Gold were up 87 to US$9.75, and Southern Peru Copper gained 37 to US$14.31, though Broken Hill Proprietary was off 25 to US$22.19.

Mining conglomerate Anglo American jumped $1.69 to close at US$57.75, while Rio Tinto fell 50 to close at US$69.25. De Beers Consolidated Mines advanced $1.18 to US$28.56.

Silver producers benefited as the metal edged back closer to US$5 per oz.; Hecla Mining jumped 25 to $1.06, while Coeur d’Alene Mines was up 12 to US$1.69. Nasdaq-listed junior Royal Gold tacked on 38 to close at US$3.50, though Stillwater Mining shed 32 to US$33.62.