Trading Summary (October 02, 2002)

The Toronto Stock Exchange’s Utilities sector was alone in the black on Wednesday, creeping up 0.08 of appoint to 135.79. A US60 gain by gold to US$321.60 in New York wasn’t enough to help the Gold Index, which shed 0.91 of a point to 180.4 points. The Diversified Metals & Mining Index fell 1.1 points to 111.05 points. In the end, the S&P/TSX Composite Index finished 117.93 points lower at 6,100.68.

South American Gold & Copper made a surprise appearance as the nation’s busiest mining issue, climbing ending uncharged at 5 with nearly 3.9 million shares on the go. On Wednesday, SAGC said that it has filed a technical report for its Pimenton gold mine in Chile with Canadian securities regulators. The company aims at initial annual production of about 13,000 oz. of gold and 310 tonnes of copper at a cash production cost of US$180 per gold oz., net of copper credits. Production would be eventually boosted to about 40,000 oz. annually.

Among the major gold producers: Kinross Gold dropped 4 pennies to $3.14 on about 3.8 million shares; Barrick Gold shed 3 to $24.63; and Placer Dome dropped 2 to $14.25. Barrick recently dropped its third-quarter and full-year earning estimates faced with lower production and higher costs. Placer, now with 45% of AurionGold’s outstanding shares, is looking for control of the Aussie miner and has extended its bid another nine days to Oct. 11.

Something of a rare species, gainers among the mid-tiers included: TVX Gold, plus 7 to $20.40; Agnico Eagle Mines, up 3 to $24.41; and Miramar Mining, which tacked on a nickel to make $1.45.

The refrain was the same among the base metal miners. Inco displaced Alcan as the most active trading more than 1.3 million shares to a 34 loss to $26.46. Alcan finished 66 poorer at $39.85. On the flip side, Falconbridge scraped together a nickel to hit $15; Sherritt International rose 2 to $4.42; and junior American Mineral Fields advanced 6 to 46.

On Wednesday, Reuters reported that Sherritt has signed to explore four exploration blocks in Cuba’s Gulf of Mexico waters. The blocks are adjacent to the North Cuban Heavy Oil belt along the northwest coast, at a depth of around 1,000 metres.

Canada’s junior exchange ended the session little changed. The S&P TSX Venture Exchange composite index lost 0.05 points and closed at 949.41.

Cantex Mines Development ended the day flat at 5 on 1.1 million shares. The junior is running a ground geophysical surveys over its wholly-owned Al Masna nickel-copper platinum project in Yemen.

Quaterra Resources ended the day at 5, down a penny on 260,000. The company’s joint venture partner Eastmain Resources recently completed 5 drill holes over ground in the Abitibi greenstone belt in northern Ontario.

Ontzinc managed to hold onto most yesterday’s gains, losing 2 close 10 on 250,000 shares. The company is in the midst of acquiring the remaining 50% interest it does not own in the Scotia zinc mine near Halifax, Nova Scotia.