Trading Summary (July 19, 2001)

The Toronto Stock Exchange edged up 21.93 points on Thursday to close at 7,642.4. The conglomerates subindex led the way, gaining 155.6 points, or 1.2%. The metals and minerals subgroup continued to recover, adding 30.8 points to end the day at 4,275.74. The golds went the other way, losing 11.62 points to 4,712.25.

Alcan aluminum shares continued to rebound after losing more than $8 since the company posted lower earnings on Monday. The aluminum giant’s stock rose 85 to $60.25 on the backs of bargain hunters. Most of the other major base metal miners were less fortunate. Inco fell 9 to $26.50, Sherritt International lost 9 to $4.89 and Falconbridge shed 20 to $16.90.

Falconbridge says it is faced with an unscheduled second-quarter maintenance shutdown of the 200-megawatt thermal power plant at its Falcondo ferronickel facility in the Dominican Republic. Production there this year will fall to 26,000 tonnes from the previously expected 29,000 tonnes. Repairs to the plant’s boiler and tubing are being delayed by a back order on parts.

Zinc miner Breakwater Resources’ shares climbed a penny to $1 after dipping to a new 52-week low of 90 on Wednesday as zinc prices hovered around eight-year lows of US38 per lb. The company’s shares have lost about 32% since the beginning of the year. Breakwater said in June that, in order to conserve cash, it was deferring the next three payments on its $31.5-million term loan.

The country’s gold miners were equally spilt. Gainers included Barrick Gold, up 15 to $23.90, Goldcorp, up 12 to $16.99, and Meridian Gold, up 48 to $11.58.

Normandy Mining gained 50 to $10 and Moydow Mines International edged up a penny to 38. The equal partners were recently granted a 30-year mining lease for the Ntotoroso gold project in west-central Ghana.

On the flip side, Placer Dome shed 19 to $16.19, Kinross Gold slid 7 to $1.27, Franco-Nevada Mining lost 57 to $20.60 and Wheaton River Minerals fell 4 to 79.

Canada’s junior exchange managed to tread water, putting an end to three consecutive losing sessions. The Canadian Venture Exchange composite index inched up 5.32 points, or 0.2%, and closed the day at 3,095.46. The Mining Index lost 18.03 points, or 0.2%, and closed at 7,314.72.

Madison Enterprises’ year-long slide continued as stock in the junior touched a new 52-week low of 8 before recovering to end the day unchanged at 10 on 615,800 shares. The company recently completed three short geochemical programs over its key project, the Mt. Kare gold property in Papua New Guinea.

Shares in Kenrich Mining gained momentum on news that the company is evaluating a large Wyoming gas play. The company’s Eskay Creek gold property in B.C. has been put on hold, but is in good standing until 2008. The junior ended the day at 9, up 2 on over 1.3 million shares.

Starfield Resources lost 1 to end the day at 52 on 165,000 shares. The company has two rigs turning, with a third to be added this month, on the Ferguson Lake nickel-sulphide property in Nunavut. An updated resource estimate from the West zone is expected shortly.

A nice percentage gainer, Leader Mining International shot up 8 to 44 on 70,000 shares. The company recently completed a field-sampling program at the Cogburn nickel property in southwestern British Columbia. The property is reported to host over 100 million tonnes grading 0.22% nickel. Previous exploration programs did not analyze for platinum group elements.