MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Firmer metals propel producers

The Dow Jones industrial average fell slightly during the report period ended June 28, closing down 66.48 points, or 0.6%, at 10,655.15.

Metal producers perked up as the price of both copper and gold showed minor gains. On the Comex division of the New York Mercantile Exchange, copper edged upward, closing at US70 cents per lb., as Broken Hill Proprietary closed two mines in Arizona and Nevada and wrote down US$2.2 billion against assets. The market rewarded the Australian major for the decision, sending it up 81 cents to US$23.12.

Other producers rode the rising tide in copper. Class A and B shares of Freeport-McMoRan Copper & Gold climbed $1.25 and $1.62 to close at US$15.69 and US$16.56, respectively.

Southern Peru Copper advanced $1.38 to US$13.88, while its parent, Asarco, picked up $1 to close at US$18.25. Cyprus Amax Minerals gained 81 cents to close at US$14.81.

Gold finished the week at US$261.50, up more than $2 from the previous week, which helped catapult South Africa’s Anglogold up $2.38 to US$21.38. Newmont Mining rose $1.62 to finish the week at US$19. Homestake Mining moved up 38 cents to US$8, while Nasdaq-listed Lihir Gold added $1.12 to close at US$13.62 on thin trading.

Buoyant silver helped push American Stock Exchange-listed Apex Silver Mines up 63 cents to US$11.88. Coeur d’Alene Mines picked up 44 cents to close at US$4.50, while Peru’s Buenaventura gained 88 cents to close at US$15.

De Beers Consolidated Mines fell back 93 cents to close at US$23.69 after making impressive gains the previous before.

Platinum producer Stillwater Mining rose 44 cents to US$30.38, while Royal Gold picked up 50 cents to close at US$4.38.