TSX moves higher during Jan. 23-27 trading week

The S&P/TSX Composite Index rose 211.3 points or 1.03% to finish the Jan. 23-27 trading week at 20,714.50. The S&P/TSX Global Mining Index fell 0.35 points or 0.29% to 120.80 and the S&P/TSX Global Base Metals Index slipped 0.18 points or 0.09% to 204.10. Spot gold climbed US$1.20 per oz. or 0.06% to US$1,927.50 per oz. and the S&P/TSX Global Gold Index finished at 306.83, down 1.22 points or 0.4%. 

Barrick Gold rose 84¢ to$26.19 per share. The gold major reported that the combined output from its two gold mines in Tanzania, North Mara and Bulyanhulu, rose to a record 547,000 oz. in 2022. President and CEO Mark Bristow noted in a press release that since taking over the mines in 2019, Barrick had “completely transformed what were effectively dead or dying operations into valuable assets,” adding that last year the North Mara mine was the country’s largest taxpayer. Exploration continues at both mines to grow mineral reserves net of depletion. Last year Barrick says it paid US$303 million in taxes, royalties, levies, dividends and shareholder loan repayments and US$476 million to local suppliers.  

Shares of Victoria Gold climbed 52¢ to $10.22. The company announced drill results from its 2022 drill program at Raven, a shallow priority gold target at its Dublin Gulch camp in the Yukon. The assay results were from its “proximal” drill program at Raven, which included 30 holes (8,810 metres) within the existing resource footprint and 14 drillholes (4,410 metres) collared within 100 metres of the resource footprint. Highlights included NG22-101C, which returned 0.91 gram gold per tonne over 30.9 metres from surface, including 6.55 grams gold over 2.2 metres, and drillhole NG22-106C, which cut 2.18 grams gold over 11.7 metres from 83.8 metres, including 46.2 grams gold over 0.5 metre. 

Sierra Metals advanced 13.6% to 50¢ per share. The company reported 2022 production results for its three underground mines in Latin America — Yauricocha in Peru and Bolivar and Cusi in Mexico. Sierra noted a 29% decrease in consolidated copper-equivalent production last year compared to 2021 due to a suspension of mining operations at Yauricocha. On Sept. 11, a mudslide at Yauricocha killed three contract workers and on Sept. 22 residents from the nearby town of Alis blocked the main access road to the mine. The company announced a “measured and progressive restart to operations” on Sept. 28. Sierra produced a total of 64.2 million copper-equivalent lb. in 2022, down from 89.9 million copper-equivalent lb. in 2021. Breaking it down by metal, Sierra produced a total of 2.6 million oz. silver, 27.1 million lb. copper, 13.5 million lb. lead, 38.1 million lb. zinc and 10,155 oz. gold.  In October, Sierra initiated a strategic review, which will include considering ways to optimize its operations and possible financing, restructuring and other options.