MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow eyes 11,000 mark

The Dow Jones industrial average rose 383.16 points, or 3.7%, in the report period ended April 27 to finish at a new high of 10,831.71, closing in on the 11,000 mark.

Mining issues were mixed as gold and copper remained steady, with investors taking profits after last week’s jump. American Stock Exchange-listed Getchell Gold continued its strong push, closing up $3.13 to 32.88. The company, which has jumped more than US$8 in the past four weeks, set the date for a special meeting to approve a proposed merger with Placer Dome. Listed on the New York Stock Exchange, Placer was up 80 cents to close at US$19.85.

Newmont Mining gained 44 cents to close at US$22. Homestake Mining dropped 37 cents to close at US$8.88, despite having received near-unanimous approval of the acquisition of Vancouver-listed Argentina Gold.

South Africa’s Anglogold slumped $1.37 to close at US$21.44, while Papua New Guinea’s Lihir Gold rose 81 cents to US$18.69. Rio Tinto advanced $2.38 to US$66.94.

Minorco lost 69 cents to close at US$23.56. The company anticipates merging with South Africa’s Anglo American to form one of the largest mining companies in the world. Anglo was down 88 cents to US$48.62.

Copper producer Phelps Dodge continued its upward climb, gaining 62 cents to close at US$60.56. Asarco slipped 88 cents to US$15.62, while Southern Peru Copper dropped 69 cents to US$12.69.