TSX tumbles, Nov. 22-26

The S&P/TSX Composite Index fell 1.99% or 429.10 points to finish the November 22-26 trading week at 21,125.90 points. The S&P/TSX Global Mining Index was down 0.76% or 0.76 points to 98.90, and the S&P/TSX Global Base Metals Index rose 0.32% or 0.53 points to 165.42. Spot gold fell 3.13% or US$57.80 per oz. to US$1,787.20 per ounce.

Shares of Labrador Iron Ore Royalty topped the charts, rising $1.86 to $37.22 per share. The company declared a dividend payable on December 23 and its portion is $47.9 million (US$37.5 million). Labrador Iron Ore Royalty holds a 15.10% equity stake in Iron Ore Company (IOC), and receives a 7% gross overriding royalty and a 10¢ per tonne commission on all iron ore products produced, sold and shipped by IOC. IOC is a leading North American producer and exporter of premium iron ore pellets and high-grade concentrate with average iron grades greater than 66%. Its operations include a mine with five operational pits, a concentrator and a pelletizing plant near Labrador City in the province of Newfoundland and Labrador.

B2Gold announced a cash dividend for the fourth quarter of 4¢ per common share (or an expected 16¢ on an annualized basis) payable on December 17. The company has operating gold mines in Mali, Namibia and the Philippines and exploration and development projects in a number of countries including Mali, Colombia, Burkina Faso, Finland and Uzbekistan. B2Gold’s shares closed at $5.09 per share, down 48¢.

Lundin Mining reported production guidance for the three-year period of 2022 through 2024, as well as cash cost, capital and exploration expenditure forecasts for 2022. Copper production is slated to increase to 258,000-282,000 tonnes on a consolidated basis in 2022, and range from 250,000 to 274,000 tonnes in 2023 and between 262,000 and 286,000 tonnes in 2024. Zinc production is forecast to rise to 188,000 to 203,000 tonnes in 2022 as the Neves-Corvo zinc expansion project ramps up and on an improved near-term production profile at Zinkgruvan. Total zinc production in 2023 will be 227,000 to 242,000 tonnes and 225,000 to 240,000 tonnes in 2024. Gold production is expected to come in at about 153,000 to 163,000 ounces in 2022. In 2023 gold production is forecast to run to 155,000 to 165,000 oz. and in 2024 be between 153,000 and 163,000 ounces. As for nickel, production is anticipated to moderate to 15,000 to 18,000 tonnes in 2022. In 2023 nickel production is expected to come in at 13,000 to 16,000 tonnes and to between 9,000 and 12,000 tonnes in 2024. Capital expenditures in 2022 are forecast to be US$630 million on a 100% basis. The majority of sustaining capital is for open-pit waste stripping, underground mine development, and tailings storage facility and water management works. Lundin’s shares fell 56¢ to $10.03.