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

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.

Good management. Stock was overlooked by the market. Gas weighted.

This is a new entry into the trust sector so is still watching it to see how it will do. So far, it's been quite good.

Cut their dividend and did some refinancing with Brascan, which was not needed.Dividend is now safe and expects that metals will go up.

Has probably got the hottest drilling hand in the patch.Strong growing production.A lot of good potential exploration in front of them.

They have recently more than doubled their capital expenditure program.Its a turnaround situation, so may take some time.Has a good chance to do really well.