• 10 hours The Problem With California's Electric Dream
  • 1 day TikTok’s 11th-Hour Reprieve
  • 1 day Wealthy Investors Have Been Fleeing Stocks Since April
  • 2 days Thorium Could Kickstart A New Nuclear Boom
  • 3 days Is A Massive Gold Rally On The Horizon?
  • 3 days Can Tesla Really Produce A $25,000 Self-Driving Electric Car?
  • 4 days Gold Miners Brace For Seasonal Downturn
  • 4 days The Silver Plunge Continues
  • 5 days 7 COVID Vaccine Stocks To Plan Upside Moves
  • 5 days Rhodium Climbs Reaches Record Highs
  • 6 days Tesla Tumbles After Battery Day Fails To Impress
  • 6 days Three Energy ETFs To Watch This Decade
  • 7 days What To Do With $2 Trillion In Suspicious Bank Transactions?
  • 8 days How The Stock Market Predicts Electoral Victory
  • 8 days Tesla's "Battery Day" Could Deal A Blow To Cobalt Miners
  • 9 days New TikTok Deal Hopes To Bypass National Security Concerns
  • 9 days Where Will Gold Go From Here?
  • 10 days COVID-19 Is Fueling A Pastic Waste Crisis
  • 10 days Gold Output Set To Decline
  • 11 days Uber And Lyft Look To Go Electric
E-Commerce Explodes As Boomers Go Digital

E-Commerce Explodes As Boomers Go Digital

During this time of lockdown,…

The Fed’s Slippery Slope

The Fed’s Slippery Slope

The Fed is now the…

Dead Malls Could Be Amazon’s Next Target

Dead Malls Could Be Amazon’s Next Target

Amazon is reportedly in talks…

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