Trading Summary (February 18, 2004)

Toronto stocks ended 49.27 points lower at 8,717.83 on Monday thanks mostly to the golds, which fell 7.59 points, or 3.4%, to 215.9. The yellow metal itself retreated US$4.10 to end at US$411.60 per oz. in New York. The base metal miners managed a 1.73=point gain to 230.85, joined in the black by only the real estate sector, up 0.06 of a point to 154.64.

Wheaton River Minerals was the country’s busiest mining stock watching a shade more than 7.1 million shares find their way 9 lower to $3.90. Wheaton recently reported a 325% increase in production to 450,000 gold equiv. oz., while cash costs fell by 66% to US$62 per oz. during 2003. The jump comes thanks to a series of recent acquisitions. The company expects to double production again by 2006.

Next was Tahera, which rebounded to the tune of 2 pennies to make 46.5 on 6.7 million shares. Tahera awaits word from the Ministry of Indian and Northern Affairs regarding its environmental impact statement for the Jericho diamond deposit. Northgate Exploration wasn’t far off with a handful fewer shares falling 8 to $2.90. There was no immediate news out of Northgate.

Mid-tier gold producer Cambior dropped 17, or 4.2%, to $3.89. On Wednesday, Cambior reported nearly tripled fourth-quarter earnings of US$4.4 million (or 2 a share). The increase is thanks to increased gold sales and lower operating costs.

Late on Tuesday, GoldCorp reported fourth-quarter earnings of US$43.3 million (23 a share), compared with year-ago earnings of US$19.7 million (11 a share). The issue fell 71 to $18.40.

Alcan was the busiest base metal stock gaining 55 to hit $62.50 with about 5.4 million shares traded. Inmet Mining stood out climbing 99, or 5%, to a new 52-week high of 20.49.

Off-index, Tenke Mining shot up 23, or more than 8%, to $3 even. Tenke recently inked a deal to sell 3 million common shares to a syndicate of underwriters for $8.25 million. The company has also started drilling its Vicuna copper-gold-silver project in Argentina.