Trading Summary (January 28, 2003)

Toronto’s gold stocks rebounded to the tune of 1.3 points to reach 200.47 on Tuesday as gold grabbed a dime to make US$369.80 per oz. in New York. The diversified miners weren’t able to keep pace slipping 0.01 of a point to settle at 134.84. The S&P/TSX Composite Index ended 13.57 points higher at 6,570.09.

Canada’s gold miners put in mixed results. On the plus side were: Barrick Gold, up 53 to $25.49; Placer Dome, 40 higher at $17.80; and Goldcorp, which ended 9 higher at $19.29.

Kinross Gold was the most traded mining stock falling 21 to $3.69 on about 5.7 million shares. On Tuesday, Kinross said that shareholders approved the company’s proposed three-way merger with TVX Gold and Echo Bay Mines. TVX and Echo Bay shareholders will vote on Jan. 31. For their parts, TVX shares fell $1.13 to $23.98, and Echo Bay shares finished 15 lighter at $1.91.

Also making news on Tuesday was Noranda, which announced that it will shut down its 80%-owned Magnola magnesium plant in Danville, Que. for at least a year. The company will take an after-tax charge of $630 million against fourth-quarter earnings. Another $28-million charge related to shutdown costs will be taken in 2003. Noranda dropped 41 to $14.55 on about 1.17 million shares.

Fording was the only other diversified miner to break the million-share mark climbing 12 to $33.75. Fording has begun mailing a supplement to its information circular, as well as new proxies, to shareholders in preparation for a special meeting scheduled for Feb. 19. Shareholders will vote on Fording’s latest three-way plan to convert to an income trust.