Trading Summary (March 22, 2004)

The Toronto Stock Exchange’s subindices finished lower across the board on Monday, sending the S&-TSX composite index down 105.33 points, or 1.2%, to 8,478.48. The technology stocks led the way, joined by the diversified metals & mining index, which shed 2.45% to 220.3. The golds slipped 0.49 of a point to 221.65.

Shares in Asia Pacific Resources jumped 4, or 32%, to 16.5, after the company said that major shareholder Olympus Capital Holdings has provided a US$1.5 million convertible loan bearing interest at the rate of 5% annually. The funds will go toward working capital. Asia Pacific is developing the Udon South potash project in Thailand, which contains a resource of 330 million tonnes of sylvite ore grading 24% K₂O. The company is looking for an independent party to decide the fate of its special prospecting licences for the Udon North potash deposit. Thailand’s government has reservations about extending the licences. The company finished as the most-traded mining issue with around 5.4 million shares traded.

Cumberland Resources was another big percentage mover falling 77, or 25%, to $2.30. On Monday, the company said it was "surprised and disappointed" by the magnitude of the preliminary capital cost estimates for its Meadowbank gold project in Nunavut. Last week, the company said completion of a feasibility study of the project will be delayed by a year.

Back on the plus side, Moydow Mines International rose a nickel, or 12.5%, to 45. There was no immediate news out of the company.

Placer Dome was the country’s most active major gold producer with around 2.3 million shares traded; the issue ended unchanged at $23.10. Barrick Gold was next falling 38 to $29.26 on about 1.8 million, and Kinross Gold finished 6 richer at $9.06. On Sunday, Placer CEO Jay Taylor said he would step down effective Sept. 30, to end a five-year stint at the helm of the world’s sixth biggest gold producer.

Alcan was the most active of a quiet bunch of base metal stocks falling $1.12 to $57.30 on short of a million shares. On Monday, the aluminum giant said that its 300,000-tonne-per-year alumina supply agreement with Kaiser Aluminum International remains valid and enforceable for its entire duration until the end of 2006. Kaiser has withdrawn a motion to cancel the agreement in connection with the proposed sale of one of its affiliate’s interest in the Alpart alumina refinery.

Breakwater Resources was closest ending unchanged at 67 on about 815,000 shares. On Friday, the zinc miner said that its chief financial officer, Rene Galipeau, quit to pursue other interests.Vice-president Richard Godfrey will act as chief financial officer, while retaining his role as vice-president, finance.