The Dow Jones Industrial Average rose 1.08% to finish the week at 35,061.55 and the S&P 500 climbed 1.96%% to 4,411.79. Spot gold dropped US$10.00 per oz., or 0.55%, to US$1,802.20 per ounce.
Fortuna Silver Mines fell US48 ? to US$4.35 per share. The company reported second-quarter production from its three operating mines in the Americas - San Jose in Mexico, Caylloma in Peru, and Lindero in Argentina. The precious metal miner produced 1.9 million oz. silver and 31,048 oz. gold (55,953 gold-equivalent ounces) in the second quarter. Silver and gold production for the first six months of 2021 totalled 3.8 million oz. and 65,603 oz., respectively, or 115,690 gold-equivalent ounces. The company says it will provide updated production and cost guidance for 2021, which will incorporate gold production for the second half of the year from its Yaramoko mine in Burkina Faso.
Shares of Iamgold decreased by US32 ? to US$2.47. The company provided an update on construction progress and costs at its 70%-owned Cote gold project in Ontario, about 130 km southwest of Timmins. The project is operated by Iamgold, and Sumitomo Metal Mining holds a 30% interest. Iamgold said the project is on schedule and was 27% complete at the end of June. Contractors are widening the road to the site and removing overburden. The concrete batch plant at the mine site is operational, and the foundations for the ball mill circuit have been poured. Half of the planned rooms at the permanent camp are also complete. The total cost of the project has risen this year, with Iamgold's portion of the costs rising to US$1.1 billion-US$1.2 billion, compared to US$875 million-US$925 million in last year's estimate. The company has already spent US$193 million on the project. Commercial production at Cote is expected to start in the second half of 2023.
Vale dropped US12 ? to US$21.95 per share. The company said that it was reviewing its 2021 production guidance for nickel and copper as labour strikes and "extraordinary climate conditions" in Canada have materially affected production, Reuters reported on July 19. The news agency said the Brazilian miner produced 41,500 tonnes of nickel and 73,500 tonnes of copper in the first quarter, representing declines of 14.3% and 4%, respectively, from the previous quarter. A union walk-off at Vale's mine in Sudbury, Canada, which started on June 1, hit production for both metals, according to Reuters. Additionally, non-scheduled maintenance at a metals refinery in Wales has constrained nickel output, and a flood at its Voisey's Bay assets in Labrador, Canada, hit copper output. The company has maintained its 2021 iron ore production guidance of 315 million-335 million tonnes.