Trading Summary (August 04, 2004)

The Toronto Stock Exchange shed 1.2% to end at 8,362.96 as all of its subindices ended in the red on Wednesday. The golds led the slide dropping 5.22 points, or 2.75%, to 184.70 points; the diversified miners chipped in with a 4.39-point, or 2%, fall to 213.16.

Eurozinc Mining ended as the exchange’s most traded issue, with more than 8.3 million shares making their way a penny lower to 67. Late on Tuesday, the company said the recently acquired Neves Corvo copper mine in Portugal produced 50,100 tonnes of copper-in-concentrate during the first half of 2004. The mine’s net cash cost per payable pound of copper sold over the period was US60 per lb., compared with the London Metal Exchange average price per lb. of US$1.25. The mine made US$45.1 million on revenue of US$129.4 million during the period.

Another company profiting from stronger zinc prices, Canadian Zinc, jumped an impressive 18, or 23%, to 96.

South American Gold and Copper rose a penny to 9.5 with more than 2 million shares traded, about triple its average volume. The company announced improved performance from its Pimenton gold-copper-silver mine in Chile.

Checking in on the four-way merger battle, Reuters reports that Iamgold plans to unveil its preferred suitor next week. The company says three or four interested parties are currently wrapping up due diligence studies. Iamgold’s recently adopted shareholder rights plan expires on Aug. 15; a hostile bid by Golden Star Resources expires a day later.

Meanwhile, Wheaton River Minerals shed 4 to $3.31. Shareholders were recently told to hang on to their shares until the board makes a recommendation on Coeur d’Alene Mines’ takeover bid. Wheaton River says it will not do so until Coeur’s offer is mailed to shareholders in Canada; the offer has so far been sent only to investors south of the border.