• 12 hours America’s Multi-Front Meltdown
  • 17 hours Gold Up As U.S. Civil Unrest Escalates
  • 19 hours How BlackRock Became King Of ESG Investing
  • 1 day Americans Don’t Care if TikTok Is A Security Threat
  • 3 days What’s Next In The Trump vs. Twitter Drama?
  • 4 days Escalating Tensions Could Crush $52 Billion China-U.S. Energy Deal
  • 5 days The Fed Is Printing Money At Unprecedented Levels
  • 5 days How Is The Real Estate Market Handling COVID-19?
  • 5 days Gold Flat As Markets Await Fed Chair Speech
  • 5 days What Is Day Trading And Is It Right For You?
  • 5 days Energy CEOs See Big Payouts Despite Oil Price Crash
  • 5 days Saudi Arabia Is Fighting A War On Two Fronts
  • 5 days 40 Million Jobless As Pandemic Fuels Economic Collapse
  • 5 days What Do India's Latest Reforms Mean For Its Coal Industry?
  • 5 days Copper Glut Continues To Grow
  • 5 days How A Pandemic Made Americans Better Workers
  • 6 days The Trillion Dollar Space Race Crosses Another Milestone
  • 6 days Gold Prices Fall As Stock Market Sentiment Turns Positive
  • 6 days Conspiracy Theories Set Tone For 5G Cold War
  • 6 days Working From Home Will Transform The Energy Industry
Africa Turns To Innovation Amid The Global Pandemic

Africa Turns To Innovation Amid The Global Pandemic

The Covid-19 pandemic, while treacherous…

Can Domestic Tourism Bolster Emerging Economies?

Can Domestic Tourism Bolster Emerging Economies?

The global economic landscape is…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Markets
  3. Economy

Mining Industry Loses $6.9 Billion In Production

Mining Industry

Covid-19 has impacted the mining industry across the globe as governments enforce lockdowns and quarantines and companies halt operations because workers and contractors can’t get on-site due to restrictions.

S&P Global Market Intelligence in a new report tallies the impact of these mine closures, showing Africa and the Americas hardest hit in terms of the number of suspended operations.

South Africa had closed 54 mines as at the end of last week, the US shut 42 and Mexico and Canada 29 and 28 apiece. In total, production at 260 mines in 33 countries has been halted since early March.

The most affected commodity in terms of the percentage of annual output suspended is uranium – with nearly 12% at 21 mines affected. Closures at 12 platinum mines have affected 3.3% of output over the period, while 100 silver- producing mine closures have already impacted 2.4% of global annual production.

S&P Global points out, however, that at-risk production has started to level off with the notable exception of platinum – four mines were added to the at-risk category last week.

The US-based mining analytics firm cautions that it is “too early in the pandemic’s spread to fully quantify impacts on the supply of commodities”:

Miners are making additional announcements daily, companies continue to withdraw 2020 guidance in light of the uncertainties, extensions to many suspensions are likely, and limited disruptions at certain mines may not even impact full-year production.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment