US markets climb, Oct. 12-16

The Dow Jones Industrial Average rose 0.07% to finish the week at 28,606.31, and the S&P 500 climbed 0.19% to 3,483.81. Spot gold dropped US$30.90 per oz., or 1.60%, to US$1,899.70 per ounce.

Barrick Gold fell US48¢ to US$27.57 per share. The company announced it was moving ahead with plans to extend the life of its Hemlo gold mine in Ontario by transitioning the project from open-pit mining to a purely underground mining operation as a modernized ‘Tier Two’ asset. The company also reported preliminary third-quarter production of 1.16 million oz. gold and 103 million lb. copper. Third-quarter gold production was 3% higher than the second quarter, due to stronger performances from Carlin in Nevada and Pueblo Viejo in the Dominican Republic, and despite the disputed Porgera mine in Papua New Guinea being on care and maintenance since April 25.

Agnico Eagle Mines fell US$1.38 to US$81.31 on no news. Earlier this month the company announced it was investing $6.2 million into Maple Gold Mines as the two companies unveiled an agreement to consolidate two adjacent land packages in Quebec into a 50-50 joint venture. The agreement will combine Maple Gold’s Douay project with Agnico’s past-producing Joutel project.

Yamana Gold fell US24¢ to US$5.93 per share. The company started trading on the London Stock Exchange on Oct. 13. The gold miner will maintain a primary listing on the Toronto Stock Exchange in addition to a listing on the New York Stock Exchange. Earlier this month, Yamana increased its full-year production guidance to 915,000 oz. gold-equivalent from 890,000 oz. gold-equivalent. The company produced 201,772 oz. gold and 3.04 million oz. of silver in the three months ended Sept. 30. Yamana also raised its dividend by 50% to 10.5¢ per share for the fourth quarter. The new rate represents a 425% jump from 18 months ago.

Shares of SilverCrest Metals fell US12¢ to US$9.69 per share. The company announced plans to spend US$60 million on drilling through to the end of 2022 at its Las Chispas silver-gold project in Mexico’s Sonora state. According to CEO Chris Ritchie during a webinar, the company plans to publish an 85-95 million oz. reserve feasibility study, with higher-grade ounces from recent drill results moving ahead in the mine plan, pushing lower grade ounces further back. A 2019 PEA outlines an initial mine life of 8.5 years with average production of 5.38 million oz. silver and 55,700 oz. gold, or 9.6 million oz. silver-equivalent.


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