The Dow Jones Industrial Average rose 0.41% to finish at 26,089.61, and the S&P 500 Index moved up 0.47% to 2,886.98. Spot gold rose 0.01% to US$1,341.10 per oz. gold.
Rio Tinto posted the biggest share gain, rising US$2.66 to US$60.77 per share. The company reported on June 14 that since deploying its AutoHaul technology in Western Australia last year, 2.4 km long trains, which are monitored remotely from an operations centre in Perth, have safely travelled more than 4.5 million kilometres. The remote-controlled trains travel across a network of 1,700 km of track, delivering iron ore from 16 mines to ports in Campier and Cape Lambert. Rio Tinto collaborated on the A$940-million AutoHaul program with project partners in Japan, the U.S. and Australia, which included Hitachi Rail, Calibre, New York Air Brake, Wabtec, and others. Rio Tinto operates 200 locomotives on what is the largest privately owned rail network in Australia. The average return distance of trains is 800 km, including loading and dumping, which takes about 40 hours. Locomotives carrying the AutoHaul software are fitted with on-board cameras and monitored from the operations centre in Perth.
Drill results from Alamos Gold’s Island gold mine sent the company’s shares up 4.2% to $5.41. Surface exploration drilling returned high-grade mineralization in a previously untested area between the eastern and main extensions, and within a 500-metre gap between inferred resource blocks. The area is also only 1,000 metres from surface. Highlights from the eastern extension included 102.74 grams gold over 4 metres, and 31.66 grams gold over 3 metres. Intercepts from the main extension included 24.08 grams gold over 6 metres and 6.01 grams gold over 10 metres. This year’s exploration drilling will expand the down-plunge and lateral extensions of the Island gold deposit, and add near-mine resources across the 2 km long main zone.
Shares of Osisko Gold Royalties were down US13¢ to US$10.41. Osisko owns a senior-secured 9.6% diamond stream on Stornoway Diamond’s Renard diamond mine. The diamond producer reported a $48.4-million net loss on revenues of $53.3 million in the first quarter of the year, and is undergoing a strategic review to consider its options.