Trading Summary (July 07, 2003)

Toronto’s diversified miners added 2.39 points, or nearly 2% of value, to end at 130.04 on Monday, helping the broader TSX Composite index to a 66.55 point rise to 7,068.43. The gold stocks weren’t so fortunate, dropping 1.19 points to 171.

Montreal-based aluminum giant Alcan was the newsmaker of the day, launching a E3.4-billion, hostile takeover of France’s Pechiney. Pechiney was part of a 1999 three-way deal involving itself, Alcan and Switzerland’s Alusuisse Lonza (Algroup). Pechiney bowed out of that deal under pressure from the European Commission; Alcan later snapped up Algroup. Alcan shares ended 74 lower at $41.56 on a trading volume of nearly 2.8 million shares.

Placer Dome dropped a nickel to $16.60 on about 2.7 million shares. The company has dropped an option to earn a 51% stake in the once promising Nyanzaga gold project in the Lake Victoria Goldfields of Tanzania.

Canada’s remaining gold majors put in similar performances. Barrick Gold dropped 41 to $23.90 and Kinross Gold fell 21 to $8.91, as the yellow metal shed US2.90 to fix at US$347.90 in the afternoon in New York.

Junior Gabriel Resources jumped 13, or nearly 5%, to $2.89 after Romanian media reported that a report prepared for the government by a special joint committee provided a positive outlook on Gabriel’s Rosia Montana gold project.

Eldorado Gold was far and away the busiest gold issue, climbing 16 to $2.73 on just short of 6.2 million shares. The company recently received a positive environmental certificate for its Kisladag gold project in western Turkey. The certificate constitutes the government’s acceptance of the project’s environmental impact assessment.

LionOre Mining International was the closest to Alcan among the remaining base metal miners, with just 901,686 shares traded. The issue climbed 21 to $5.61. The company recently tabled plans to acquire Aussie partner Dalrymple Resources.

Junior American Mineral Fields retreated to the tune of 14, or 12.3%, to $1 even. The company had seen a couple straight days of gains after inked a deal that will see it relinquish a tax holiday for the Kolwezi cobalt-copper tailings project in the Democratic Republic of Congo in return for a larger equity stake.

Canada’s junior exchange started the trading week by moving lower with declining issues out pacing advancing stocks by a 312-to-261 margin. The S&P-TSX Venture Exchange composite index ended the day 8.61 points, or 0.77% lower and closed at 1,105.23.

New Bullet Group dropped a penny to close at 15 on just over 1.2 million shares traded. The company recently discovered a second high grade silver mineralized structure on the Santo Domingo property in Mexico. Grab samples returned up to 1,256 grams silver.

Adding to Friday’s gains, ITL Capital jumped 5, to close at 11 on 1.18 million shares traded. The junior along with partner Skyharbour Resources are looking to advance the HB gold property in the Red Lake area of Ontario. The junior announced a $400,000 financing comprised of 4 million units priced at a dime apiece. Skyharbour ended the day at 16, up 3 on 810,700.