U.S. stocks were mixed amidst concerns about the global economy. The Dow Jones Industrial Average posted a weekly gain of 0.3% to finish at 17,865.34, while the S&P 500 Index fell 0.1% to 2,096.07. The Nasdaq Composite Index slumped 1% to 4,894.55. Spot gold gained 2.4%, or US$29.80 per oz., to close at US$1,273.30 per oz. The July contract for crude oil rose 0.9% to US$49.07 per barrel, while the August settlement for Brent oil climbed 1.8% to US$50.54 per barrel.
Teck Resources was named one of the top firms in Canada for corporate citizenship by Corporate Knights in the fourth straight year the diversified miner has made the Best 50 Corporate Citizens in Canada list. The ranking measures Canadian companies on 12 sustainability metrics, including carbon productivity, health and safety performance, and gender leadership diversity. Teck ranked tenth, down from fourth last year, while uranium major Cameco came in at sixth, up from 27th last year.
On June 7, Teck closed its previously announced US$1.3-billion offering of senior unsecured notes, including a US$650-million aggregate principal amount of five-year notes and a US$600-million aggregate principal amount of eight-year notes. The proceeds will fund its tender cash offers to buy up to US$1.3 billion of its 3.2% notes due in 2017, 3.9% notes due in 2017, 2.5% notes due in 2018 and 3% notes due in 2019. Teck rose 6.5% to US$11.40 per share in the period.
Potash Corp. of Saskatchewan came first in the underground and surface divisions at the 48th Annual Emergency Response and Mine Rescue Skills Competition in Saskatoon on June 4. The competition attracted 18 teams and comprised firefighting, first aid, proficiency skills, practical skills and simulated surface and underground mine problems. The firm donated $375,000 to schools in Saskatoon to support nutrition programs. This is the fifth year it has invested in Saskatoon Public Schools and Greater Saskatoon Catholic Schools, providing $1.9 million since 2012. Saskatoon Public Schools allocated its $200,000 to fund its PotashCorp Food4Thought nutrition program providing meals in 20 schools. Greater Saskatoon Catholic School used its $175,000 to support meal programs and community gardens in 16 schools. PotashCorp added US23¢ to close at US$17.01, on 55.2 million shares traded.