MINING MARKETS & INVESTMENT NEWS — US MARKETS — Gold, copper slide

The Dow Jones industrial average finished the holiday-shortened report period ended Oct. 12 up 16,47 points, or 0.16%, after a 230-point loss on the last day, closing at 10,417.06.

Gold companies fell as the yellow metal’s spot price slid to US$316.70 on the Comex division of the New York Mercantile Exchange.

Anglogold was off US$3.38 to close at US$29.56, despite a plan to acquire Acacia Resources, a low-cost Australian producer.

Newmont Mining also dropped US$3.26 to US$25.62 with the weaker bullion, while Ashanti Goldfields closed off $1.44 at US$4.06 as it wrestled with hedgebook troubles and an merger offer by a British firm.

Homestake Mining dipped 26 cents to US$9.62 on heavy trading; Battle Mountain Gold lost 43 cents to close at US$3.19; Buenaventura shed $1.19 to close at US$16.69; and Nasdaq-listed Lihir Gold fell $4.50 to close at US$18.88, after diluting its shares in a merger with Niugini Mining.

Mid-sized Meridian Gold dropped $1.25 to US$7.25, while Glamis Gold gave up 44 cents to US$2.56.

In copper, Phelps Dodge gained $3.50 to close at US$57.06 on heavy volume. Its merger partner, Asarco, added $2.56 to close at US$29.31 after Grupo Mexico matched the offer for US$29.50 per share. Cyprus Amax Minerals climbed 87 cents to US$20.06.

Broken Hill Proprietary dropped 88 cents to US$23.12 as the Comex spot price for copper fell to 78 cents per lb. Southern Peru Copper advanced 69 cents to US$17.31 after adding reserves to the Toquepala mine.