U.S. markets, Nov. 11-15

The Dow Jones Industrial Average and the S&P 500 Index had another week of record highs. The Dow edged 1.27% higher to close the week at 15,961.70, while the S&P 500 advanced 1.56% to 1,798.18. The Philadelphia Gold & Silver Index rose 0.13% to 92.61.

Mosaic shares gained US$1.04 to US$49.05. The company reported in its 2013 annual sustainability review on Nov. 14 that it reused or recycled 95% of the water used at its phosphate operations in Florida and satisfied 89% of its water needs through recycling and reuse at its potash-shaft facilities in Canada. On the energy front, Mosaic declared that its phosphates business avoided $90 million in expenditures on electricity in 2012 through cogeneration.

Third-quarter results showing cash costs fell 25%, while silver and gold production rose 7% and 48%, and pushed up Pan American Silver shares by US71¢ to US$11.13. The company reported net earnings of US$14.2 million, or US9¢ per share. Cash flow generated from operating activities was US$40.7 million, or US27¢ per share. Year-to-date silver and gold production are on track to meet the company’s full-year production forecast of 25 million to 26 million oz. silver and 125,000 to 135,000 oz. gold, at lower-than-forecast cash costs. It also expects to produce 38,500 to 41,500 tonnes zinc, 12,500 to 13,500 tonnes lead and 4,500 to 5,000 tonnes copper.

Teck Resources ended the week down US88¢ per share at US$26.23, on no news. After markets closed on Nov. 15, the company announced that it had acquired another 22.5 million common shares of AQM Copper for 11¢ each, as part of a broader private placement. That takes Teck’s share of AQM’s outstanding shares to 19.9%. AQM has copper projects in southern Peru. A week earlier Teck  subscribed for 2.14 million shares of Erdene Resource Development at a cost of 7¢ per unit, as part of a broader private placement. The shares — and the shares that would be issued if the warrants are exercised — represent 11.8% of Erdene’s issued common shares. Erdene is a Mongolia-focused exploration company.

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