US markets fall, Nov. 22-26

The Dow Jones Industrial Average dropped 1.97% o 702.64 points to finish the November 22-26 trading week at 34,899.334, and the S&P 500 fell 2.20% or 103.34 points to 4,594.62. Spot gold lost US$57.80 per oz. or 3.13% to US$1,787.20 per ounce.

Agnico Eagle Mines announced that its shareholders had voted overwhelmingly in favour of its proposed merger with Kirkland Lake Gold. The resolution was approved by aout 99.86% of the votes cast by Agnico Eagle shareholders at the meeting, with a shareholder turnout of 69.62%. (Shareholders of Kirkland Lake Gold also approved the merger at a special meeting on the same day.) “I would like to thank our shareholders and the shareholders at Kirkland Lake Gold for supporting the merger of the two companies,” Agnico Eagle’s CEO Sean Boyd stated in a news release. “We are very excited about the transaction as it positions Agnico Eagle as the leading low risk global gold company with growing production, low costs and strong ESG leadership.” Shares of Agnico Eagle fell US$2.52 to US$51.83, while shares of Kirkland Lake Gold lost US$1.95 to US$40.82.

Shares of Lithium Americas were down US$1.80 to US$35.69. The company announced that it had purchased 23,369,003 common shares of Arena Minerals at a price of 54¢ per share at a cost of about US$10 million for a 6.3% stake, bringing its total stake in Arena to 18% on a non-diluted basis. (It also holds 21,428,571 warrants.) The additional investment in Arena, “further reinforces Lithium Americas’ commitment to the region and the company’s long-term resource development plans in Argentina.” Arena Minerals’ Sal de la Puna lithium brine project in Salta province, along with the immediately adjacent Pastos Grandes lithium brine project owned by Millennial Lithium “provides future optionality in proximity to the company’s Cauchari-Olaroz lithium project, establishing Lithium Americas as a premier lithium brine developer in Argentina,” it said in a press release. In addition to Arena’s 65% stake in the Sal de la Puna project, Arena also owns the Antofalla lithium brine project, south of Albemarle’s Antofalla project, also in Argentina.

Sibanye-Stillwater’s shares fell US$1.37 to US$11.94. The company announced that the parties involved in wage negotiations at its gold operations—management and the unions AMCU, the NUM, Solidarity and UASA—have been unable to reach an agreement. The company said it has revised its offer five times during the wage negotiations process.

Cleveland-Cliffs completed the acquisition of Ferrous Processing and Trading Company, and it now is a wholly owned subsidiary. FPT processes about three million tons of scrap per year, about half of which is prime grade. Cliffs said it expects to grow its prime scrap presence, and is the largest producer of flat-rolled steel in North America. The company’s shares fell US11¢ to US$21.84.