Trading Summary (July 17, 2001)

The Toronto Stock Exchange regained its stride on Tuesday after market-wide losses to start the week. The TSE’s 300 composite index gained 50.42 points to end at 7,694.1 after opening lower and sitting 30 points down by noon. The metals and minerals subindex led the two declining subgroups by losing another 133.51 points, or 3.15%. The golds went the other way, adding 75.8 points, or 1.7%.

Alcan shares remained a hot potato as the issue fell another $2.88, or 4.8%, to $56.87 on nearly 4.7 million shares. Analysts cut their third-quarter profit estimates for the aluminum giant, following the company’s release of dismal earnings.

Another busy base metal miner was Teck with nearly 1.3 million shares on the go. The company’s B series gained a dime to $11.85.

As expected, Cominco shareholders voted 94.8% in favour of a takeover by majority owner Teck. The deal will create the world’s largest zinc producer with an annual capacity of 1.68 billion lbs. zinc, 382 million lbs. copper, 650,000 oz. gold and 4.9 million tonnes coal. Under the merger, Cominco shareholders will receive 1.8 class B subordinate voting shares of Teck, plus $6 in cash, for each Cominco common share held. For their part, Cominco shares fell 15 to $27.35.

Other losers among the base metal majors were Inco, which fell 55 to $26, and Aur Resources, which slipped 9 to $2.61.

The country’s gold miners were quieter. Barrick Gold led the way with more than 533,000 shares traded. The issue climbed 40 to $23.40. Kinross Gold rose 3 pennies to $1.41, Franco-Nevada recovered 50 to $20.50, Goldcorp added a dime to hit $17 and Placer Dome gained 46 to $15.80.

Placer says it expects to hear shortly if its bid was successful for the rights to the 30-million-oz. Pueblo Viejo gold property in the Dominican Republic. The winner of the auction is will be granted the exclusive right to negotiate with the government for a mining agreement for the property.

Canada’s junior exchange remains deep in a summer coma with none of the indexes showing signs of life. The Canadian Venture Exchange composite index dropped 29.34 points, or 0.9%, and closed the day at 3,105.28. The Mining Index lost 80.66 points, or 1.1%, and closed at 7,373.91.

With a number of delinquent filers issued by the B.C. Securities Commission, Pan Asia Mining continues to trade near historical lows. The junior managed to add a penny to end the day at 5 on 765,000 shares. The company says the 701-diamond mine in China produced 38,400 carats from 36,000 tonnes of ore.

Also stuck in the bottom of its 52-week trading range, Cantex Mine Development ended the day at 9, up 1 on 448,000 shares. The Charles Fipke-led company is actively exploring both for gold and massive sulphides in Yemen.

Kenrich Mining gained 1 to 7 on 602,375 shares. The junior’s stock has gotten a boost on news that the company is evaluating a large Wyoming gas play. The company’s Eskay Creek gold property in B.C. is in good standing until 2008.

Kensington Resources tacked on 4 on news that 12 holes have been completed on the 141 kimberlite body in Saskatchewan. Shares in the junior ended the session at 85 on volume of 186,000.

Poplar Resources gave back most of yesterday’s gains, dropping 2 to 20 on 428,500 shares. The junior’s 65%-owned subsidiary, North Star Diamonds, recently announced assay results from four boulder samples on the Bottenbacken polymetallic project in central Sweden.