US markets fall during Apr. 4-8 trading week

The Dow Jones Industrial Average fell 200.76 points or 0.57% to 34,721.12 and the S&P 500 fell 94.36 points or 2.1% over the week to 4,488.28.  

Shares of Gatos Silver rose 6.3% to US$4.72 as the company released “record silver production” figures from its 70%-owned Cerro Los Gatos mine in Mexico for the first quarter of 2022. Gatos also announced the appointment of Dale Andres, the company’s current president, as its new CEO. The company produced 2.4 million oz. of silver in the first quarter, which is a 58% increase compared to the first quarter of 2021. “The increased production in the quarter was primarily due to significantly higher silver grades, in addition to higher plant throughput and improved recoveries,” the company said. Lead and zinc production was 10.3 and 13.8 million lb., representing an increase of 36% and 58%, respectively, compared to last year, primarily due to higher mined ore grades. 

Shares of Nexa Resources increased by 6.4% to US$10.43 after the company said that its Vazante mine at Minas Gerais in Brazil resumed operations at full capacity following the “underground mine dewatering.” Daily production was reduced to 60% of capacity from mid-January to February this year, as the underground operation was partially flooded due to heavy rainfall levels. “During this period, we also took advantage of the opportunity to plan the replacement of our main mill, trunnion, and gear box. The current throughput of Vazante is 4,600 tonnes per day,” said the company. Vazante’s zinc production guidance for 2022 remains unchanged at 118,000 to 127,000 tonnes. 

Shares of Alcoa, a global leader in the production of aluminum, fell 7.1% or $6.47 to US$84.15 as the price of the metal fell by 2.8% during the trading week. The company recently announced that its Massena facility in New York earned a provisional certification from the Aluminium Stewardship Initiative (ASI) for both its smelter and casthouse. “Earning certifications from ASI aligns with our vision to reinvent the aluminum industry for a sustainable future,” said John Slaven, Alcoa’s CEO. “This recognition for Massena is welcome news for the facility’s 120 years of continual production and the important work that our employees do there every day to consistently improve for the benefit of our customers, communities and the environment.” Massena is the world’s longest continuously operating smelter, with aluminum production beginning in 1902. It currently has a nameplate capacity of 130,000 tonnes, all powered by renewable hydroelectricity, the company says. The certification brings Alcoa’s total number of facilities certified to ASI’s standards to 16 global sites. The ASI certification program was developed via a multi-stakeholder consultation process that defines robust environmental, social and governance (ESG) principles and criteria, including key issues such as biodiversity, rights for Indigenous groups and greenhouse gas emissions.