Covid-19 affects nearly $7 billion mining output

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 has closed 54 mines, 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.

A total of 32 countries have passed partial or complete lockdown orders, leading to the temporary suspension of activities at over 1,600 mines, though that number has since dropped down to 729 as restrictions begin to ease in certain areas, analysts at GlobalData report…

To read complete report, please visit: https://www.indoasiancommodities.com/2020/05/09/covid-19-disrupts-6-9-billion-of-global-mining-output/

Pix courtesy: Shane McLendon, Unsplash

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