TSX rises, Nov. 9-13

The S&P/TSX Composite Index rose 2.41% to 16,675.64 during the Nov. 9-13 trading week. The S&P/TSX Global Mining Index declined by 2.43% to 96.48, and the S&P/TSX Global Base Metals Index jumped 5.03% to 114.89. Spot gold dropped US$60.60 per oz., or 3.11%, to US$1,889.20 per oz., and the S&P/TSX Global Gold Index fell by 8.08% to 345.71.

Barrick Gold fell $3.61 to $34.01 per share. The company has entered into two new agreements with Loncor Resources, strengthening their joint venture relationship in the Ngayu gold belt of the Democratic Republic of the Congo, 220 km from Barrick’s Kibali gold mine. The total area under the various Barrick-Loncor joint ventures in Ngayu is now about 2,000 square kilometres. Under the first agreement, three exploration properties previously held by Barrick outside of its joint ventures with Loncor have been added to the agreement. The properties are northwest of Loncor’s Makapela project, which contains indicated resources of 614,200 oz. gold.  These properties include two significant targets delineated by Barrick at Mongaliema, 7 km northwest of Makapela, and Ntokayulu, 3 km northwest of Makapela. Under the second agreement, Loncor and Barrick have replaced the previous JV agreement relating to the Isiro properties to focus on the three most prospective properties. These three Isiro properties include two of the drill targets identified by Barrick — Yambenda and Yasua — which Barrick plans to drill as part of its drill campaign on priority targets in the Ngayu gold belt.

Shares of Victoria Gold dropped $2.93 to $13.29. The company revised its annual production guidance for its Eagle gold mine in the Yukon to 72,000-77,000 oz. gold, down from 85,000-100,000 oz. gold. It also revised its forecast of all-in sustaining costs (AISCs) to US$1,175-$1,275 per oz., up from its earlier guidance of US$950-$1,100 per ounce. The Eagle mine started commercial production in July. During the three months ended Sept. 30, Eagle produced 35,312 oz. gold at AISCs of US$1,315 per oz. gold sold. “Aside from the usual teething issues and learning curve experiences common to all start-ups, we are very pleased with our progress as we have moved in to and beyond commercial production,” John McConnell, Victoria Gold’s president and chief executive, said in a statement, adding “the best is yet to come.”

Newmont fell $2.67 to $86.27 per share. The company announced a goal to achieve net-zero carbon emissions by 2050, with the interim aim of achieving a 30% cut in greenhouse gas emissions (GHG) by 2030. The new 2030 target builds on Newmont’s existing GHG emissions reductions target of 16.5% over five years, concluding in 2020. Newmont said it would implement a new energy and climate investment standard to ensure that the targets are embedded into investment decisions related to fleet vehicles, production equipment, and onsite renewable power generation. The company said that 88% of its energy used for mining and milling is generated from carbon-based fuels.


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