US markets edge higher, Nov. 25-Nov. 29: Nutrien, Yamana, Vale

The Dow Jones Industrial Average rose 0.63% to 28,051.41 and the S&P 500 Index gained 0.99% to 3,140.90. Spot gold closed the trading week at US$1,464, up 0.2%.

Nutrien shares gained US85¢ to US$47.72 on news that the company is increasing the number of common shares it may repurchase in a buyback program starting Dec. 2. The maximum number of shares to be repurchased increased to 42.16 million, representing 7% of the company’s public float as of February 2019. The increase will allow Nutrien to repurchase and cancel another 12.03 million common shares until the buyback program expires on Feb. 26, 2020. Under its current program, Nutrien has repurchased on the open market and cancelled an initial maximum of 30.13 million common shares with a weighted average price of US$52.45 per share.

Yamana Gold posted a US11¢ gain to US$3.58. The company found high-grade mineralization at its El Penon mine with the potential to extend its mine life. Assay highlights include 166.90 grams gold per tonne and 10,538 grams silver per tonne over 1 metre in hole 179, and 71.30 grams gold and 5,736 grams silver over 1 metre in hole 253. Drilling in the Deep Orito vein intersected 32.40 grams gold and 169 grams silver across 5 metres in hole 64, while exploration at the Laguna satellite deposit returned 55.24 grams gold and 813 grams silver over 3 metres in hole 31. El Penon entered production in 1999 with an estimated five-year life, and 20 years later, the mine’s mineral reserves are nearly the same, the company’s senior vice-president of exploration said in a news release.

Vale SA shares fell US13¢ to US$11.76. The company announced that it is extending emergency payments another 10 months to people affected by the tailings dam collapse in January at its Feijao iron ore mine in Brazil. The disaster left 251 people dead and 19 missing. “It is estimated that between 10,000 and 15,000 people will continue to receive the full payment of emergency aid,” Vale said. “Others … who currently receive the full payment of emergency aid agreed in February 2019, estimated between 93,000 to 98,000 beneficiaries will receive 50% of the emergency payment for 10 months starting on Jan. 25, 2020.”