A lesson from Enron
The collapse of commodity and derivatives trader Enron has offered market-watchers plenty of entertainment over the past four months. There was the precipitous departure of its chief executive, Jeffre…
News
Alcoa breaks off WMC bid
Aluminum giant Alcoa (AA-N), rebuffed in a takeover bid for diversified Australian miner WMC (WMC-N), says it will “turn its attention to other growth initiatives elsewhere.”Frustrated by WMC’s propos…
TSE builds up after profit-taking
Investors took profits after the Bank of Canada cut its principal lending rate on Nov. 27, leaving the Toronto Stock Exchange playing catch-up for the report period Nov. 28-Dec. 4.The TSE 300 composit…
Spot Prices Wed. December 5, 2001
Precious MetalsPrice (US$/oz.)ChangeGold$275.75+$1.15Silver$ 4.15+$0.06Platinum…
Alcoa proposes Labrador smelter
The Newfoundland government spent the Nov. 28-Dec. 4 report period assessing an Alcoa feasibility study into the possibility of reviving the stalled Lower Churchill hydroelectric project in Labrador. …
Summo, Matrix seek cash for Mt. Watson prospect
Low metal prices continue to hold back copper-oxide specialist Summo Minerals (SMA-T), which expects to rely on debt financing to keep its portfolio of development properties going.Summo’s only produc…
Sultan cuts more bonanza grades (December 10, 2001)
Vancouver — Results from 18 drill holes indicate that the Gold Mountain zone near Nelson, B.C., is higher in grade and smaller than expected. The target is part of the Kena property of Sultan Mineral…
Lending Rates (December 10, 2001)
% as of Dec. 3, 2001Bank of Canada2.50Canadian Prime4.00U.S. Discount1.50U.S. Prime5.00…
MOST ACTIVE ISSUES, NOV. 28-DEC. 4
ExchgVol(000s)HighLowCloseChangeBolidenT277280.390.180.28-0.03…
Noranda to idle Gasp copper smelter
Doing its bit to shore up copper prices, Noranda (NRD-T) will suspend production at the Gasp smelter in Quebec for at least six months, starting in May.Since January, copper has lost about 16% of its…
LME Warehouse Levels (December 10, 2001)
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Dec. 4/01 (change from Nov. 27 in brackets):MetalStock (tonnes)ChangeAluminium722500(…
Analysts cautious on Pan American Silver
Vancouver-based Pan American Silver (PAA-T) is best known for being one of the purest exposures to silver for investors, and also for having Microsoft’s Bill Gates as a shareholder in the form of a 13…