Trading Summary (December 06, 2002)

After opening lower the Toronto Stock Exchange climbed steadily over the day to end 35.23 points higher at 6,577.2 points. Leading the recovery was the Gold Index, which tacked on 4.4 points or 2.5% to make 181.21 points, with the yellow metal rising US$1.40 per oz. to US$325.90 per oz. The Diversified Metals & Mining Index dropped 1.5 points to 124.82.

Kinross Gold made 13 to hit $3.03 on more than 6.1 million shares to rank as the nation’s busiest mining stock. Barrick Gold was next in line trading about 4.5 million shares to a 32 gain to $24.10. Making rare appearances on the TSX’s top ten traded list were Cambior, plus a dime to $1.95, and Orezone Resources, which advanced 7.5 to 30.

In the middle of those gold miners was nickel miner Inco, which slipped another $1.76 to $30.24 on more than 4.2 million shares. Facing sudden significant cost overruns, Inco announced that it will launch a six-month review its Goro laterite nickel project in New Caledonia. The review is expected to delay production at least six months and could hold it up for a full year.

Other base metal miners heading the other way include: Falconbridge, plus a dime to $15.05; Noranda, up 13 to $14.40; Sherritt International, up 6 to $4.18; Alcan, 90 higher at $48.45; Fording, plus a penny to to $32.66; and LionOre Mining International, which tacked on 20 to make $4.54.

Shares of marine diamond miner Namibian Minerals sank 5 or 50% to a nickel. The TSX is reviewing the shares to see if they qualify for continued listing. Unable to secure new funding from its bankers and principal lenders, the company was recently forced to shut down some of its South African and Namibian subsidiaries.