U.S. markets move higher during the Mar. 21-25 trading week

The Dow Jones Industrial Average rose 308.25 points or 0.88% to 34,861.24 and the S&P 500 rose 81.88 points or 1.80% over the week to 4,543.06.  

Shares of Gatos Silver fell 17.3% or 91¢ to $4.36. The company said that it intended to delay the filing of its annual report for 2021 beyond the prescribed deadline of Mar. 31, 2021. The company is focused on producing a new life-of-mine plan and updating its mineral resources and reserves following its announcement in January regarding a reduction in metal content at its Los Gatos project in Mexico. The delay is due to the “ongoing analysis” by the company of any potential impacts the reduction may have on its audited annual financial statements, it said in a press release. Gatos expects to file the required documents in the second half of 2022. The company has applied to Canadian securities regulatory authorities for a management cease trade order (MCTO), which provides a mechanism restricting the CEO and CFO from trading in the company securities while allowing the stock to continue trading on the TSX. There is no certainty that the MCTO will be granted, the company said. The securities regulatory authorities may issue a general cease trade order against the company for its failure to file the required documents, it added.  

Shares of Nutrien rose $8.78 to $108.43 each. The company increased its potash production capability by nearly 1 million tonnes to about 15 million tonnes in 2022 in response to the uncertain potash supply from Eastern Europe due to the ongoing war between Russia and Ukraine. The majority of the additional volume is expected to be produced in the second half of the year. “The impacts of this conflict extend beyond Eastern Europe as a disruption in supply of key agriculture, fertilizer and energy commodities could have implications for global food security,” said Ken Seitz, Nutrien’s CEO. The company’s 2022 potash production is expected to increase by nearly 20% compared to 2020 and account for more than 70% of global production added over this period. Nutrien expects a small increase in its 2022 capital expenditures.  

Shares of Freeport-McMoRan rose $3.85 to $51.93. The company declared cash dividends of 15¢ per share on its common stock payable on May 2, 2022, to shareholders of record as of Apr. 14. “These dividends are being paid consistent with [Freeport’s] performance-based payout framework,” the company said.  

Shares of Cameco rose by $1.37 to $28.76. The uranium miner filed its annual report, a document that includes its financial statements for 2021, its management’s discussion and analysis and its Canadian annual information form, with the U.S. Securities and Exchange Commission. The price of uranium increased from US$57.7 per lb to US$59.05 during the trading week, according to Trading Economics.