Trading Summary (February 23, 2004)

The technology stocks led the Toronto Stock Exchange 32.31 points lower to 8,609.62 to start the week. The golds chipped in with a 1.3% fall to 208.13, as the diversified miners slipped 1.75% to 223.19.

Falconbridge was the newsmaker with employees ratifying a new three-year labour deal at its Sudbury operation, ending a three-week strike. The shares ended 33 lower at $34.27.Most of its peers followed suit. Aluminum giant Alcan was one exception, gaining 41 to $63.30.

Some of the big losers were Bema Gold, off 6.1% to $4.18, Wheaton River, minus 5.1% at $3.56, Golden Star Resources 6.6% lower at $7.10, and Defiance Mining, which fell nearly 11% to 58.

On Sunday, Reuters reported that repairs on Inmet Mining‘s 18%-owned Ok Tedi copper mill in Papua New Guinea repairs are on schedule and that full production of copper concentrate will resume in about 8-10 weeks. Earlier this month, Inmet said the operation would run at a minimum of half-capacity for at least two months, after the failure of one of two semi-autogenous grinding mills. Inmet’s shares finished 37 poorer at $20.10.

Winners among the gold issues were few and far between on Monday. The major producers all lost ground, Barrick Gold was the busiest with more than 1.6 million shares making their way 2 pennies lower to $26.77. On the plus side were Aurizon Mines, up 7 to $1.69, Rio Narcea Gold Mines made 3 to hit $3.14, River Gold Mines grabbed a nickel to make $3.45, and Greystar Resources climbed 8 to $2.05.