Trading Summary (October 19, 2001)

After tracking lower through midday, the Toronto Stock Exchange recovered in the afternoon to edge up 11.04 points and close the week out at 6,911 points on Friday. The Consumers Products subindex led the TSE’s eight advancing subindices with a 3.7% gain. The Metal & Minerals subgroup tacked on 6.18 points while the golds slid another 59.78 points.

Teck Cominco was Canada’s most actively traded mining issues with just more than 1.4 million shares changing hands. The stock dropped 38 to $9.90, 20 off its 52-week low of $9.70. On Thursday, Teck announced that the US$2.3-billion Antamina copper-zinc project in Peru achieved commercial production in early October, some four months ahead of schedule and slightly under budget. Teck has a 22.5% stake in the project.

Gold miners Placer Dome and Barrick Gold both saw more than 1.1 million shares on the move. Placer lost 23 to $18.05 and Barrick dropped 51 to $25.09. Most of the other majors traded sideways. Miramar Mining stood out gaining 12 or 13.2% to $1.03. Iamgold fell 18 or 5.2% to $3.27 after gaining as much on Thursday after the mining company was added to the TSE’s 300 composite index.

Most of the nation’s base metal issues suffered modest losses to end the week. Falconbridge shed 3 to $14.10, Noranda dropped the same to $14.05, and Aur Resources was a nickel lower at $2.50. On the plus side were Inco, up 41 to $21.17, Sherritt International, up 4 to $4.04 and Alcan, which ended 55 higher at $47.50.

Canada’s junior exchange managed to end the week in firmer territory led by gains in mining-related issues. The Canadian Venture Exchange ended the day up 10.12 points, or 0.4% to finish the day at 2,899.89. The Mining Index surged 62.39 points, or 0.9%, to close at 7,373.71.

Conquistador Mines topped the most actively traded chart among junior explorers, ending the week flat at 1 on 486,085 shares. The cash-strapped junior recently terminated a proposed financing for its Ontario platinum projects and has already stopped exploration in Columbia.

Shares of Samex Mining managed to hold on to recent gains, closing out the week unchanged at 14 on a volume of 317,000. The junior is in the midst of a 600-metre drill program over the Eskapa copper-gold property in Bolivia.

Poplar Resources tacked on a penny to 17 on 373,000 shares. The company closed a $350,000 financing comprising 1.4 million units priced at 25 each. At last report, the company’s 65%-owned subsidiary had completed five of a planned 20-hole program over the Bottenbacken polymetallic property in central Sweden.

Adding to recent gains, Sultan Minerals jumped 6 to 46 on 409,000 shares. The junior is currently drilling the Gold Mountain zone on its Kena gold property near Nelson, BC. The latest hole returned 172.1 grams gold over a 2-metre interval.