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TSX rises, Nov. 8-12 – The Northern Miner

CryptoGuru by CryptoGuru
November 15, 2021
TSX rises, Nov. 8-12 – The Northern Miner
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Detour Lake mine (Credit score: Kirkland Lake Gold)

By: Northern Miner Staff
November 15, 2021

The S&P/TSX Composite index rose 312.70 factors or 1.46% to complete the November 8-12 buying and selling week at 21,768.50. The S&P/TSX World Mining Index gained 5.97 factors or 6.12% to 103.55 and the S&P/TSX World Base Metals Index elevated 9.32 factors or 5.68% to 173.44. Gold climbed to US$1,865.20 per oz., up US$47.20 per oz. or 2.60%.

Shares of Agnico Eagle Mines and Kirkland Lake Gold climbed in the course of the Nov. 8-12 buying and selling week. The businesses introduced that proxy advisory agency Institutional Shareholder Companies (ISS) really helpful that each units of shareholders vote in favour of the beforehand introduced all-share ‘merger of equals.’ “There seems to be sound strategic rationale for a mix between the businesses, with the transaction anticipated to confer operational synergies on an annual foundation, in addition to a lot of G&A synergies and strategic optimizations over five- and ten-year time horizons,” ISS said. “The addition of members of the [Kirkland Lake Gold] board and administration to the mixed firm ought to increase the experience essential to drive enhancements and notice a number of the anticipated synergies beneath the transaction. Lastly, as the vast majority of the manufacturing and reserves of the mixed firm are positioned in Canada the place each corporations have a wholesome monitor document of operations, a number of the dangers inherent to the achievement of synergies are partially mitigated.” Agnico Eagle’s shares climbed $4.90 to $71.59 and Kirkland Lake’s shares rose $3.68 to $56.21.

Newmont’s shares superior $3.52 to $73.70. The corporate introduced a strategic alliance with Caterpillar Inc. to work in the direction of internet zero emissions mining. Newmont will present a preliminary funding of US$100 million for the deployment of an all-electric autonomous haulage fleet throughout two continents. The alliance plans to ship 26 battery electrical autonomous autos in underground and open pit operations by 2027. At its Cripple Creek and Victor mine in Colorado, Newmont will introduce an automatic haulage fleet of as much as 16 autos by means of 2023, with a transition to haulage fleet electrification and implementation of Caterpillar’s superior electrification and infrastructure system and the supply of a take a look at fleet in 2026. Caterpillar will even develop its first battery electrical zero-emissions underground truck to be deployed at Newmont’s Tanami mine in Australia by 2026. This may embrace a fleet of as much as ten battery electrical underground haul vehicles, together with first of a form battery electrical haulage know-how for underground mining in 2024, the introduction of battery autonomous know-how in 2025, with full deployment in 2026.

Mountain Province Diamonds jumped 44.9% to 71¢ per share. The corporate reported third quarter income from 1,027,000 carats offered at $94.2 million at a median realised worth of $92 per carat — the second-highest quarterly income within the firm’s historical past. Earnings from mine operations was $35.5 million in comparison with a $2.2 million loss within the third quarter of 2020.





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