The Dow Jones Industrial average picked up lost ground during the June 3-9 report period, racking up three consecutive days in positive territory, including a 167-point gain on June 5. The average finished the week up 158.68 points (1.8%) at 9,049.92.
Mining issues were mixed for the week. On the New York Stock Exchange, Southern Peru Copper led gainers with a 95 cents increase, closing at US$17.05. Class B shares in Freeport McMoRan Copper & Gold showed a 90 cents improvement, closing at US$17.05.
Newmont Gold finished the week up 25 cents to close as US$25.90, and Newmont Mining followed suit, closing up 55 cents to US$25.15. The companies got some help from a Peruvian court, which ruled in Newmont Gold’s favor on a 3-year dispute over ownership of the Yanacocha mine.
On the down side, Cyprus Amax Minerals lost $1.50 to close at US$14.45, inching closer to its 12-month low of US$14. American depository receipts for London-based Rio Tinto ended the week down $1.95 to close at US$49.50.
The company announced its intention to purchase a coal mine in Wyoming from Kerr-McGee for US$400 million. Shares of Kerr-McGee were down $1.90, closing at $59.80.
On the American Stock Exchange, Stillwater Mining rose $1.20 for the week to close at US$25.70, Getchell Gold shed 90 cents to close at US$17.75 and Canyon Resources continued to slide, ending the week down 13 cents at US75 cents. American depository receipts for De Beers Consolidated Mines lost $1.38 to close at US$19.81, even though its Canadian subsidiary, Monopros, reported a kimberlite find.
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