Trading Summary (August 02, 2001)

Gains in the conglomerates and merchandising subindexes pushed the Toronto Stock Exchange to a third straight day of gains on Thursday. The 300 composite index edged up 14.83 points to end at 7,756.2. The TSE’s 14 subindexes were equally split into losers and winners. The gold and precious minerals subgroup lost 44.84 points and the metals and minerals subindex shed 36.56 points.

All of the precious metals ended higher in New York, except for unchanged gold. Palladium continued to climb, adding US$12 per oz. to hit US$472 per oz. The base metals were higher across the board on the London Metal Exchange.

Barrick Gold led the country’s gold miners with trading volume of more than 1.2 million shares. The stock lost 48 to $22.22. Others heading south were Franco-Nevada Mining, off 40 to $19.30, Glamis Gold, down 20 to $4.30, Wheaton River Minerals, 2 lower at 71, and Cambior, which shed 2 to 63. A host of others were unchanged on moderate volume. Kinross Gold, up 6, or 4.8%, to $1.30, and Hope Bay Gold, which gained 3, or 10%, to 33, stood out from the pack.

Cambior, which jointly owns the Niobec niobium mine in Quebec, announced that hourly workers at the mine went on strike following a final offer from the company and partner Mazarin. Their collective agreements expired at the end of April. For its part, Mazarin dropped 4 to 47.

Teck’s B series led the base metal issues with about 1.45 million shares crossing the floor. The stock ended the day at $11.70, a nickel off of Wednesday’s close. The company announced the mid-November layoff of 91 workers at its Trail zinc smelter in B.C. Troubled Swedish-Canadian miner Boliden saw more than 1 million shares on the go. The issue was unchanged at 30.5. The company continues to work on a proposed financial restructuring. Most of the others saw modest movement.

Cameco, the world’s largest uranium supplier, gained 50 to $31 after posting higher second-quarter earnings, thanks to increased gold production and lower income taxes. For the three months ended June 30, net income was $12 million (22 per share), up from $11 million (19 per share) a year earlier. Revenues in the quarter totalled $138 million, down from $163 million.

Canada’s junior exchange fell victim to profit-taking following a two-day rally. The Canadian Venture Exchange slumped 12.70 points, or 0.4%, to finish the day at 3,077.34. The Mining Index followed suit, plunging 83.99 points, or 1.1%, to close at 7,351.31.

Leader Mining International moved higher by 6 to end the day at 91 on 252,400 shares. The junior recently announced that financing is in place to move forward on its Cogburn nickel project, some 100 km east of Vancouver. Leader is planning a sampling and mapping program over the property.

Shares in Kenrich Mining appear to have found a bottom following news that the company would not enter the oil and gas business. The company ended the day flat at 4 on 298,000 shares. The junior holds ground near the Eskay Creek polymetallic mine in British Columbia.

RJK Explorations continues to move up ahead of a potential drill program over the Stares polymetallic property in Ontario. Shares in the junior tacked on 1 to 68 on 111,800 shares.

Investors appeared to ignore the news that Aurora Platinum cut nickel sulphides 400 metres below Nickel Lake on its Foy project in Ontario. Shares of the junior ended the day at $2.51, down 4 on only 2,500 shares.

Shares in Radius Explorations hit a low of 94 before rebounding slightly to close the day at $1 on a volume of 76,000. The junior recently tabled the results from the first four holes into the Lupita zone on the Tambor gold property in Guatemala. Despite hitting broad zones of 1-2 grams gold per tonne, stock in the company has drifted lower.