ESG

COVID cases hit some recovery efforts

New COVID-19 flare-ups are affecting some miners’ recovery efforts, particularly in Argentina where a fresh round of lockdown restrictions have resulted in several mine suspensions.

Resurging COVID-19 cases are putting the brakes on some miners' recovery plans

Resurging COVID-19 cases are putting the brakes on some miners' recovery plans

Among those affected is Hochschild Mining, which has shuttered its San Jose mine to comply with a regional lockdown order in Santa Cruz. The province had seen a significant surge in COVID-19 infections, prompting the new restrictions.

However, Hochschild said it planned to restart "limited operations" on Wednesday, and that stoppage would not eat into its revised 2020 production guidance of between 280,000-290,000oz gold-equivalent in 2020.

McEwen Mining, which owns 49% of San Jose, also said attributable current-quarter output would be affected by the shutdown, but it stopped short of providing revised guidance.

Meanwhile, Canada's uranium leader Cameco reported a positive coronavirus case at its recently restarted Cigar Lake mine, in Saskatchewan's Athabasca Basin. It said the individual had been in isolation since November 22.

Cameco restarted Cigar Lake in early September after idling it during the first wave of COVID-19 in March.

As winter approaches Canada is grappling with a second wave of infections that have seen movement restrictions return.

Deputy prime minister and finance minister Chrystia Freeland has revealed the country's fall economic statement, which pegged the federal deficit at C$382 billion this fiscal year. While the federal government has been light on divulging details about its recovery plan, Freeland proposed spending between $70-$100 billion over three years on "carefully judged, targeted and meaningful investments to create jobs and boost growth".

The pandemic has been linked to more than 12,000 Canadian deaths since the first cases emerged in March, with more than 377,459 infections reported to date.

Argentina has recorded 1.4 million infections and nearly 40,000 deaths to date, according to Johns Hopkins University.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.