TSX rises during the Jan. 10-14 trading week

The S&P/TSX Composite Index rose 273.1 points or 1.30% to finish the Jan. 10-14 trading week at 21,357.60. The S&P/TSX Global Mining Index gained 3.12 points or 2.98% to 107.81 and the S&P/TSX Global Base Metals Index rose 8.21 points or 4.42% to 193.75. The S&P/TSX Global Gold Index increased 5.98 points or 2.18% to 280.10 and spot gold advanced US$21.10 per oz. or 1.17% to US$1,818.10 per ounce.

Nutrien climbed $2.84 to $90.31 per share. The company announced earlier this month that its president and CEO, Mayo Schmidt, has left his position, and that Ken Seitz has been named the company’s interim CEO. Seitz joined Nutrien in 2019 as executive vice president and CEO of Potash. He is also a former president and CEO of Canpotex, one of the world’s largest suppliers of potash. Seitz has a bachelor degree in agriculture, a bachelor of engineering, and an MBA. Nutrien is the world’s largest provider of crop nutrients and services.

Filo Mining’s shares jumped $2.06 to $15.06 per share. The company reported 64 metres grading 1,213.8 grams silver per tonne and 0.49 gram gold per tonne starting from a depth of 362 metre in drill hole FSDH055A at its Filo del Sol project in northern Chile. The drill hole is the best intersection of the high-grade silver zone at the project drilled to date and is outside the current resource, the company said. Drilling will continue year-round and the company said it intends to add two drill rigs in early February, bringing its total rig count to seven. The copper-gold-silver deposit is 140 km southeast of the city of Copiapo on the border with Argentina.

Shares of Brazilian crop nutrient producer Verde AgriTech jumped 36.1% to $3.77 per share. The company announced 2022 production guidance of 700,000 tonnes and 2023 guidance of 1.4 million tonnes. The company makes multi-nutrient potassium fertilizer under a variety of brands including K Forte, BAKS and Super Greensand.

NextSource Materials’ shares rose 16.6% to $4.35. The company announced it has completed factory acceptance testing (FAT) and final verification of equipment design specifications and end-to-end functions of its processing plant for Phase 1 of the Molo graphite mine in Madagascar. With the FAT process and final verification process completed, the processing plant will be dismantled and shipped to the mine site for installation, the company said. The processing plant was designed and built using an all-modular approach and is capable of processing 240,000 tonnes per year of ore and producing about 17,000 tonnes per year of SuperFlake® graphite concentrate. Phase 1 of the Molo mine is fully funded and when commissioned, will become one of the few operating graphite mines outside of China. Construction of Phase 1 of the project is underway, with commissioning expected in mid 2022.