MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Gold’s tumble slows

The Dow Jones industrial average slipped 170.65 points, or 1.6%, for the week ended June 15, to close at 10,594.99.

Gold companies held steady while the metal briefly sunk below US$260 per oz. It finished the week at US$260.10 on the Comex division of the New York Mercantile Exchange after almost a month of losses.

Newmont Mining, on the New York Stock Exchange, gained 31 cents on heavy trading to close at US$18.25. Meridian Gold picked up a quarter to close at US$4.50, though Hecla Mining lost 7 cents to reach a new low of US$2.31 per share.

Ghana’s Ashanti Goldfields lost a quarter to close at US$6.81. The company recently settled a wage dispute that halted production at its Obuasi mine.

Copper producers were up as the Comex spot price of the red metal held at US63 cents per lb. Phelps Dodge led gainers with a jump of $3.06 per share to US$61.25.

Class A and B shares of Freeport-McMoRan Copper & Gold rose 31 cents and 43 cents to close at US$15.31 and US$16.31, respectively.

Southern Peru Copper climbed a quarter to US$12.94, though the company downgraded its production estimate for the year. It now expects to produce 745 million lbs. — 12% higher than in 1998.

Rio Tinto gained $6.63 to close at US$66.44 on news that it is in discussions with Australia’s Broken Hill Proprietary on a possible joint venture of their respective iron ore operations. BHP gained US$1.44 to close at US$23.25.

Nasdaq-listed junior Chief Consolidated Mining slipped 59 cents in light trading to close at US$4, while De Beers Consolidated Mines, also on Nasdaq, gained 74 cents to close at US$23.12.

Peru’s silver miner, Buenaventura, slid 43 cents to finish the week at US$14.88, as that metal stayed above US$5 per oz.