This week, the Canadian economy continued its steady upward trend.
With lower unemployment rates—down 3.7 per cent in June, according to Statistics Canada—Canadian households are beginning to see the effects of the recovering economy.
The Canadian dollar, which fell to US$0.78/C$1.00 on Monday, is currently on its way back up at US$0.80/C$1.00, according to the Bank of Canada.
Finally, the S&P/TSX Composite Index is up 1.70 per cent since Monday, continuing its upward trend since March 2020 and coming in at 20,158.72 at 10:46 am ET on Friday.
This week, our Market Herald Canada readers were paying attention to stories in mining, cannabis, and technology.
Here’s a look at the top five stories:
Ivanhoe’s (TSX:IVN) Kamoa-Kakula mine initiates copper exports
Our top story of the week was an announcement on Monday from Ivanhoe Mines that the company has begun exporting its copper concentrate from the Kamoa-Kakula Mine.
The company reported that the product departed from Kamoa Copper SA—the operating company of the joint venture between Ivanhoe Mines, Zijin Mining Group, Crystal River, and the Democratic Republic of Congo—on July 17th.
“Kamoa-Kakula has begun exporting its ultra-high-grade copper concentrates to international smelters, converting the rich copper resources hidden beneath the Kalahari sands into long-lasting and meaningful benefits for all Congolese people,” said Marna Cloete, Ivanhoe’s president and CEO.
Shares in Ivanhoe Mines Ltd. (IVN) continue to trend up, trading at $9.13 per share as of 12:46 pm ET on Friday, July 23.
VIVO Cannabis (TSX:VIVO) launches Canna Farms Brick Hash and Pink Kush
On Thursday, VIVO Cannabis announced the launch of its new Canna Farms brand Brick Hash and Pink Kush dried flower.
Both newly launched products are available to order now through the Canna Farms e-commerce medical marketplace.
Ray Laflamme, Canna Farms co-founder and CEO of VIVO, commented on the launch.
“Our team has worked hard to perfect our process, and we’re very proud to bring to market another premium craft medical product catered to clients needing higher potency dosing,” he said.
Shares in VIVO Cannabis (VIVO) were in the grey as of 12:30 pm on Friday, trading at $0.12 per share.
Kraken (TSXV:PNG) awarded contract for subsea cable survey
On Monday, Kraken Robotics (PNG) announced a new Robotics as a Service (RaaS) contract from Newfoundland and Labrador Hydro.
Under the contract, Kraken will inspect the Strait of Belle Isle Submarine Cable, which provides power to Newfoundland from Labrador.
Starting in the third quarter of 2021, Kraken will survey the three cables along the crossing using its Synthetic Aperture Sonar (SAS) technology.
The company will provide Newfoundland and Labrador Hydro with ultra-high 3cm resolution seabed imagery and 3D 25cm resolution bathymetry.
Shares in Kraken Robotics (PNG) sank to $0.48 per share on Wednesday after reaching $0.58 per share on Tuesday. The company’s shares are trading at $0.465 as of 12:52 pm ET on Friday.
TraceSafe (CSE:TSF) adds contactless access control to IoT platform
Also in technology, TraceSafe (TSF) announced a new contactless access control system that will seamlessly integrate into the company’s entire suite of products and services, providing customers with a platform that can centralize all of their IoT.
Wayne Lloyd, TraceSafe CEO, commented on the new system.
“IoT is shaping physical access control solutions, and we’re proud to be at the forefront of these innovations particularly as it relates to the hospitality industry,” he said.
Designed to be deployed in future major cruise lines, the access control system can be programmed to open doors and assign access wirelessly.
Shares in TraceSafe (TSF) hit a high of $0.52 per share on Monday and was trading at $0.48 per share as of 1:02 pm ET on Friday.
Etruscus (CSE:ETR) acquires Newfoundland gold project and announces management appointments
Last on our Top 5 list for the week is Etruscus Resources, who on Wednesday announced that it has acquired an option to earn a 100 per cent interest in the Lewis Gold Property in central Newfoundland.
Incoming President and CEO, Jason Leikam, commented on the acquisition.
“This is a watershed moment for the company. Our first property acquisition in the Newfoundland Gold Belt positions Etruscus with high impact exploration opportunities in two of Canada’s most prospective and exciting exploration regions, the other being in BC’s Golden Triangle where an exploration program is ongoing at the Rock & Roll Property.”
Etruscus is planning to begin immediate exploration on the property with an initial property-wide geochemical soil sampling program to identify high-priority targets.
After starting the week at a low of $0.26 per share, shares in Etruscus Resources (ETR) are up 18.64 per cent on the week at $0.35 per share as of 1:35 pm ET on Friday.
Stay tuned next Friday for another recap of our Top 5 TMH stories of the week.