A Comment -- General Comments From an Expert (A Commentary)

Wait to see what happens to the restructuring. Still have a long way to go to turn the company around.

Thinks there's a move into the cyclical stocks. 3 ½ % dividend yield. Management is focused on getting the company turned around.

$31/31.50 would be a good entry point.

A speculation, not an investment. Not sure that shareholders will be left with anything.

(Top pick on Aug 21/03. No change.) In a turnaround situation. Great management. Trading at a much lower multiple than many of its peers.

Sees good growth of production per share and reserves per share. Well-run.

Likes mining stocks for basic materials, but Noranda is not a favourite. They have a leveraged balance sheet. Would prefer a pure play like Inco or Tek.

Controversial because of its dividend policy. Has difficulty creating positive cash flow. However, commodities are having a good move. Prefers a pure play. Would buy Inco instead.

(A top pick Aug 6/03. No change.) Have been a wonderful job on the Brazil has said by turning it around and cutting costs.

Not a fan of their Brazilian assets. Prefers global breweries.

Highly speculative. Have a number of problems. Charts have been in a downtrend.

(Top pick July 21/03. Down 1.7%.) At the time, liked the base metals and picked this because of the high dividend. The next day, the dividend was cut. Still shows a very nice base pattern.

Doesn’t see a lot more upside.

Metal prices are not bad. Have reduced their debt. An inflation hedge. Good long-term hold.

Earnings growth has disappointed.