US markets climb, Dec. 6-10

The Dow Jones Industrial Average rose 4.02% or 13,909.91 points to 35,970.99 and the S&P 500 increased 3.82% or 173.59 points to 4,712.02. Spot gold ended the week at US$1,782.90 per oz., up US30¢.

Rio Tinto’s shares climbed US$2.78 to US$64.11. The company opened a newly extended wharf that will boost the capacity of its port facilities in Kitimat in British Columbia. Rio Tinto will use the new wharf at its Terminal A facility for imports of alumina, anodes and other supplies for its operations, and exports of low-carbon aluminium made at its BC Works smelter. The new wharf, which was built by LNG Canada, can now accommodate larger vessels ranging from 200 metres to 250 metres in length. Construction began in December 2018, and involved building a 20,000 m³ concrete deck supported by more than 400 steel piles to extend Terminal A and adding a deep sea hydraulic barge ramp.

Shares of Mosaic rose US$2.33 to US$36.74. The phosphate and potash company announced targets to achieve net-zero greenhouse gas emissions in Florida, U.S., by 2030 and companywide by 2040. The targets are in addition to the company’s 2025 ESG performance targets, which were set in 2020, including to reduce companywide greenhouse gas emissions and freshwater use per unit of production by 20%. Last year, Mosaic achieved a 10% reduction in GHG emissions and freshwater use per unit of production since the baseline was set in 2020.

Freeport-McMoRan gained US$1.81 to US$38.37 per share. The company announced it had appointed Hugh Grant to its board of directors. Grant is a retired chairman of the board and CEO of agriculture giant Monsanto Company, where he worked from 2003 until the merger of Monsanto and Bayer AG in 2018. In 2009 he was named one of the world’s 30 most respected CEOs on Barron’s annual list and in 2010 CEO of the Year by Chief Executive magazine.

Shares of Sibanye-Stillwater fell US61¢ to US$12.10. The company reported that four employees were killed in two incidents on Dec. 3. One employee died at the Khuseleka shaft at its Rustenburg operations due to a fall of ground. Later the same day, three employees died at 3 shaft at the Beatrix operations, following a trackless mobile machinery incident. “Despite improvements in all other safety metrics, Sibanye-Stillwater has experienced a notable regression in fatalities during 2021, with 18 employees losing their lives during the year. The incident at Beatrix in particular, followed an incident earlier this week, where another colleague lost his life in a blasting incident,” the company stated in a news release.

Harmony Gold’s shares fell US57¢ to US$3.65. Harmony announced that the Public Investment Corporation (SOC) Ltd., has acquired a 10.60% of the company’s total issued shares. The Public Investment Corp. is a South African state-owned entity and is the largest asset manager in Africa.