US markets edge lower, July 20-24

The Dow Jones Industrial Average fell 0.76% to 26,469.89 and the S&P 500 fell 0.28% to 3,215.63. Spot gold jumped US$91 per oz., or 5.03%, to finish the July 20-24 trading week at US$1,901.30 per ounce.

Shares of First Majestic Silver rose to US$13.28 per share, up 25.28%. The company reported second-quarter production of 3.5 million oz. silver-equivalent, consisting of 1.8 million oz. silver and 15,764 oz. gold. In the first six months of the year, First Majestic has produced a total of 9.7 million oz. silver-equivalent, consisting of 5 million oz. silver and 47,967 oz. gold. As of June 30, First Majestic held 970,000 oz. silver in inventory in anticipation of realizing higher selling prices for the metal in the second half of 2020. The company reported that all of its operations had returned to near full production rates by the end of the second quarter. The company has 14 exploration drill rigs turning across its projects.

McEwen Mining’s shares rose by 20.72% to US$1.34 per share. The company reported consolidated production in the second quarter of 15,700 oz. gold and 359,400 oz. silver (or 19,200 oz. gold-equivalent). Production at all four of its mines was impacted by temporary mine suspensions due to the coronavirus pandemic, the company said, as well as operational issues at several of its mines. It has mines in Nevada (Gold Bar), Canada (Black Fox), Mexico (El Gallo) and Argentina (San Jose). At its Black Fox mine in Timmins, Ont., McEwen Mining is developing access to the Froome deposit. It plans to reach the ore body in the second quarter of 2021, complete the necessary development, and start production in the fourth quarter of 2021.

Shares of Freeport-McMoran fell by 3.39% to US$13.12 per share. The company reported net income of US$53 million, or 3¢, per common share in the three months ended June 30. After adjusting for net credits of US$9 million, or 1¢ per share, second-quarter adjusted net income totalled US$44 million, or 3¢ per common share. The company posted quarterly consolidated sales of 759 million lb. copper, 184,000 oz. gold and 18 million lb. molybdenum. Freeport expects total consolidated sales in 2020 will reach about 3.15 billion lb. copper, 800,000 oz. gold and 77 million lb. molybdenum. Next year, it forecasts consolidated sales will increase to 3.8 billion lb.  copper and 1.4 million oz. gold.

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