TSX, spot gold rise during Jan. 9-13 trading week

The S&P/TSX Composite Index rose 545.6 points or 2.75% to finish the Jan. 9-13 trading week at 20,360.10 and the S&P/TSX Global Mining Index gained 4.94 points or 4.25% to 121.30. The S&P/TSX Global Base Metals Index jumped 12.72 points or 6.62% to 204.80 and the S&P/TSX Global Gold Index advanced 8.95 points or 2.96% to 310.97. Spot gold increased US$54.90 per oz. or 2.94% to US$1,920.60 per ounce.

Shares of Teck Resources climbed $3.45 to $56.95. The company announced its unaudited fourth quarter 2022 steelmaking coal sales volumes and realized prices. Steelmaking coal sales came in at 4.3 million tonnes, below Teck’s guidance of 5-5.4 million tonnes. The company noted that extreme cold weather in December across western Canada “negatively impacted rail performance, rail car loading and overall port performance, resulting in sales volumes below expectations.” Teck’s realized steelmaking coal price averaged US$278 per tonne and the company said it expects to report provisional pricing adjustments of negative $10 million in the fourth quarter. Fourth quarter financial results are scheduled for release on Feb. 21.

Aura Minerals jumped $3.31 to $12.14 per share. The company reported preliminary production results from its three operating mines in Honduras (the San Andres gold mine), Brazil (the EPP gold mine) and Mexico (the Aranzazu copper-gold-silver mine). Total production in 2022 reached 242,524 gold-equivalent oz. (GEO), the second-highest annual production in the company’s history. During the fourth quarter, production came in at 67,663 GEOs, up 16% from the third quarter, and also the second-highest quarterly production in Aura’s history. In addition, the company reported it has finished 87% of the construction of its Almas project in Brazil and is “on track to deliver the project early this year.”

New joint-venture agreements that expand its exploration footprint in Saudi Arabia sent Barrick Gold’s shares 68¢ higher to $26.30. The gold major signed the agreements with Ma’aden for two prospective exploration projects made up of the Jabal Sayid South and Umm Ad Damar license areas. The joint ventures “grow the Ma’aden Barrick partnership and open up potential synergies with the neighboring Jabal Sayid mine, an already successful 50/50 joint venture between Barrick and Ma’aden,” the company stated in a press release. The Jabal Sayid copper operation is 350 km northeast of Jeddah.

Shares of Filo Mining were down $3.89 to $23.94 per share. The company reported drill results from two holes at its flagship Filo del Sol project, about 140 km southeast of the city of Copiapo in northern Chile. Drill hole FSDH070A intersected 1,056.5 metres grading 0.86% copper-equivalent from a depth of 282 metres, including 670.4 metres of 0.97% copper-equivalent from 369.7 metres. Drillhole FSDH071 cut 1,028 metres of 1.16% copper-equivalent starting 292 metres downhole, including 172 metres of 2.14% copper-equivalent from 408 metres and 237.5 metres of 1.49% from 776 metres.