• 11 hours Which Country Is The World’s Largest Investor In Batteries?
  • 2 days Are Bitcoin’s Environmental Risks Overblown?
  • 2 days Why The Gold Rush Ran Out Of Steam
  • 5 days Coinbase IPO Explodes, But Fails To Keep Its Momentum
  • 5 days China Slaps Alibaba With Record $2.75B Antitrust Fine
  • 6 days The Pandemic Has Culled The Middle Class
  • 7 days Legacy Automakers See Massive Spike In Sales
  • 8 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 9 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 11 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 12 days How Fintech Will Get Skeptics Into Crypto
  • 13 days Monday Markets Rise On Stellar Jobs Report
  • 16 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 20 days Canada May Become Leader In Booming Battery Market
  • 21 days Nearly 42% Of All Amazon Reviews Are Fake
  • 22 days Kidnapping Is Big Business In Nigeria
  • 23 days COVID Fraud Amounts To Nearly $570M
  • 26 days Art Is Now An Algorithm
  • 27 days TikTok Threatens America, Tesla Threatens China
  • 27 days Small-Cap Energy Sectors With Big Upside
The Pandemic Has Culled The Middle Class

The Pandemic Has Culled The Middle Class

In 2020, while the global…

Credit Card Debt Plummets Amid COVID

Credit Card Debt Plummets Amid COVID

According to the newest Federal…

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