MINING MARKETS & INVESTMENT NEWS – U.S. MARKETS — Dow falls back after closing above 10K

The Dow Jones industrial average posted a record gain by closing above 10,000 during the report period ended March 30, before profit-taking pulled it down to 9,913.26 points. The average was still up 241.43 points during the week.

Mining issues were hit by falling copper and silver prices. New York Stock Exchange-listed Phelps Dodge slipped $1 to US$49 as oversupply lowered the price to US62 cents per lb.

Asarco shed 93 cents to close at US$14.19, while its 54%-owned Southern Peru Copper gained 56 cents to close US$10.81. Class A and B shares of Freeport-McMoRan Copper & Gold dropped 88 cents and 69 cents to close at US$9.50 and US$9.88, respectively.

Australia’s Broken Hill Proprietary managed to buck the downward trend, climbing 94 cents to US$17.50 Weakness in the silver market sent producers lower. Peru’s Buenaventura dipped 52 cents to US$13, while Coeur d’Alene Mines lost 31 cents to close at US$3.88. Hecla Mining hit a 12-month low of US$2.62 after losing 13 cents.

Apex Silver Mines, listed on the American Stock Exchange, rose 94 cents to US$10.44.

Among gold producers, New York-listed Newmont Mining slipped $1 to US$16.62, while Homestake Mining slumped to a 12-month low of US$8.25, down 31 cents.

Battle Mountain Gold lost 44 cents to close at a new low of US$2.62, after the Department of Interior rejected a ruling for the Crown Jewel project, setting back development. Nasdaq-listed Crown Resources, which holds a 46% interest in the project, lost 45% of its value, falling $1.32 to close at US$1.62.