Canada’s benchmark index dipped 0.43% to finish at 16,038.97. The S&P/TSX Global Mining Index and the S&P/TSX Global Gold Index fell 2.32% and 2.23% to 67.08 and 191.31. West Texas Intermediate crude slipped 0.2% to close at US$63.73 per barrel. The gold price fell 0.64% to US$1,279.60 per ounce.
Shares of Orosur Mining fell 20% to 19¢. The company announced in November that it expects to defer 2,000 oz. gold at its San Gregorio mine complex in Uruguay from its second-quarter results report. It cites extended downtime of two drill rigs used in stope production as the cause of the deferral. While they were down, the company supplemented mill feed with open-pit ore and low-grade stockpiles, which lowered head grades.
The company also announced positive drill results from its wholly owned Anza gold project in northwest Colombia. Results included 5.47 grams gold per tonne over 4.6 metres from 97.1 metres downhole and 17.7 grams gold over 5.3 metres from 144.5 metres downhole.
Lithium Americas’ shares rose 96¢ to $13.30. The company recently approved a US$10.5-million budget for its wholly owned Lithium Nevada project until the end of 2018. The project houses 50.8 million measured tonnes grading 0.31% lithium for 843,000 tonnes lithium carbonate equivalent, with 1.7 million tonnes potassium and 574,000 tonnes sodium. The company plans to drill more to expand the resource as well as complete a preliminary feasibility study by June 2018.
In July, Lithium Americas completed a US$113-million funding to help cover construction costs at its Cauchari-Olaroz project in Argentina’s Jujuy province. The project’s target production is 50,000 tonnes lithium carbonate equivalent per year.
In November, the company announced it had applied for listing on the NYSE American stock exchange. It expects to trade at year-end.
Shares of Serabi Gold fell 23% to 5¢. Company revenues were down to US$36 million in the nine months leading to Sept. 30, compared with US$42 million over the same period the previous year. Gross profit also decreased from US$9.7 million to US$4.1 million. However, the company reported strong third-quarter production at its Palito-Sao Chico gold operation in northern Brazil. The mine produced 50,000 tonnes at an average grade of 7.21 grams gold per tonne for 9,657 oz. gold. This came on par with first-quarter production, and was an improvement after the slight dip to 8,148 oz. gold produced in the second quarter.
In November, the company announced it would acquire the Coringa gold project in Para, Brazil. Coringa has an estimated 726,000 indicated tonnes grading 8.4 grams gold per tonne for 195,000 contained oz. gold, and 1.3 million inferred tonnes grading 4.3 grams gold per tonne for 181,000 contained oz. gold.
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