• 315 days Will The ECB Continue To Hike Rates?
  • 315 days Forbes: Aramco Remains Largest Company In The Middle East
  • 317 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 717 days Could Crypto Overtake Traditional Investment?
  • 722 days Americans Still Quitting Jobs At Record Pace
  • 724 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 727 days Is The Dollar Too Strong?
  • 727 days Big Tech Disappoints Investors on Earnings Calls
  • 728 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 729 days China Is Quietly Trying To Distance Itself From Russia
  • 730 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 734 days Crypto Investors Won Big In 2021
  • 734 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 735 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 737 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 738 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 741 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 742 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 742 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 744 days Are NFTs About To Take Over Gaming?
The Top 3 Wealth Management Trends Of 2022

The Top 3 Wealth Management Trends Of 2022

The biggest intergenerational wealth transfer…

The Fed’s $3 Trillion Headache

The Fed’s $3 Trillion Headache

On Wednesday, the Federal Reserve…

Delta Variant Real Threat To Economic Recovery

Delta Variant Real Threat To Economic Recovery

The World Health Organization (WHO)…

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