Trading Summary (January 21, 2003)

After opening higher, Toronto stocks stumbled to a 49.56-point loss to 6,690.81 on Tuesday. The Golds Index climbed 1.45 points to make 193.4, accompanied in the black by only the Real Estate Index, which tacked on 0.18 of a point to reach 106.53. Gold itself recovered from an early dip to rise US60 to US$356.90 in New York. The Diversified Metals & Mining Index slid 0.27 of a point to 137.74.

Marine diamond miner Diamond Fields International dropped 2.5 or nearly 7.5% to 31 on about 6.1 million shares to rank as the country’s most traded mining stock. In mid-December, the company returned to production on the Marshall Forks area of its Luderitz offshore diamond concession in Namibia after a court battle with former joint venture partner, Trans Hex Group. DFI has contracted the M.V. Anya, which is producing from Marshall Fork. Production and grade results are due this month.

A slew of gold miners made up most of the other heavy traders. Among them, Nevsun Resources put in a 26 or 11.6% gain to $2.51. Nevsun says that the remaining results from a 24,000-metre program at the Tabakoto and Segala Projects in western Malihas confirmed the presence of six additional zones of mineralization on the 83-sq.-km land package. Extensive follow-up drilling is planned for early this year.

The major gold producers put in mixed results. On the minus side were Placer Dome, off 3 at $17.20, and Barrick Gold, 26 lighter at $23.94. Kinross Gold grabbed 19 to make $3.72.

Tiomin Resources jumped 4 or 15.4% on about 1.26 million shares after the company announced that Kenyan authorities have approved the environmental management plan for its Kwale titanium-sands project, southwest of Mombasa. The approval clears the way for construction of the mine.

Alcan led the group volume-wise ending $1.85 poorer at $45.90. On Tuesday, the aluminum giant posted fourth-quarter earnings of US$26 million (or 8 per share) on revenue of US$3.2 billion, compared with a year-ago loss of US$356 million ($1.11 a share) on US$3.04 billion. The latest results include an after-tax charge of US$86 million, which included a US$68- provision relating to a power contract dispute with a subsidiary of B.C. Hydro.

Noranda and Falconbridge said on Monday that they were was looking at ways to “maximize the synergies” between plants, as a seven-month-long strike plagues the Horne copper smelter in Quebec. The pair went opposite directions, Noranda fell 6 to $15.36, and Falconbridge gained 30 to $17.80.