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Coronavirus is making adjustments to the work of the largest mining companies in the world - WSJ

Mining industry

4 large mining Corporation announced the suspension of production or the slowing of project implementation.

Coronavirus is making adjustments to the work of the largest mining companies in the world - WSJ

Pandemic COVID-19 dealt a serious blow by the largest mining companies in the world whose capitalization fell significantly. For example, shares of Anglo American from the beginning of the year fell by 40%, Glencore - 41%, Freeport-McMoRan - more than half, according to the Wall Street Journal.

in addition, according to IHS, Markit, dramatically increased the cost of CDS (credit default swaps) of the companies mining sector. So, on Tuesday the cost of CDS Glencore is now $485,989 thousand/year versus $127 million in the beginning of the year. For Anglo American, she grew up to $307,15 thousand from $84 thousand

COVID-19 began to have an impact on production. 4 large mining Corporation announced the suspension of production or the slowing of project implementation.

Anglo American, Newmont Corp. and Freeport-McMoRan Inc. this week announced that it was suspending investment projects or mining in Peru after the country was introduced quarantine.

Brazilian Vale on Monday evening announced to stop production of Nickel in a remote from civilization field in the North-East of Canada for 4 weeks to prevent the spread of the virus among the local residents. The company is also exploring the possibility of stopping coal mining in Mozambique. Rio Tinto and Lundin Mining Corporation. also announced that it will suspend the implementation of new projects.

the Mining companies around the world stop the staff, ask them before sending in camps to limit the contacts to take the test before the trip and preparing insulation boxes on detection of the disease.

"This is the new reality: the mining companies stop production on the backdrop of the spread of coronavirus," - said UBS analyst Mile Alsop.

Antofagasta said that expanding warehouses in case of reduction or complete cessation of shipments of copper. The company also imposed restrictions on access to the Deposit in the Andes, which is located at an altitude of 4 km above sea level.

Kinross Mines in Chukotka work in isolation mode. The company has proactively suspended passenger flights. In addition to air service closed winter road. Excluded contact miners "Dome" and "Double". "This is only part of epidemic prevention measures that were taken. Our main priority is the health and safety of people. About the production plans we will talk later", said "Interfax", the representative of the company.

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