Company news
EMEA
- Antofagasta has reported a solid set of financial results for H1/2020, despite COVID-19 and other challenges. Development projects are delayed by around six months due to COVID-19, but this is as expected due to social distancing measures.
- Hochschild Mining has not reinstated guidance. Despite COVID-19 suspensions in H1/20, cash burn was modest, leaving the balance sheet well positioned with $162M in cash at the end of June.
Australasia
- Monadelphous says its second half of the 2019-20 financial year was significantly affected by COVID-19, and while it faces an uncertain economic outlook due to the global pandemic, it ended the year in a healthy position, and began the new year with a solid forward workbook.
- Mineral Resources has emerged unscathed from the COVID-19 pandemic after what managing director Chris Ellison described as the most extraordinary year in the company's history. The company generated record statutory earnings before interest, tax, depreciation and amortisation of $2.01 billion.
- MMG reports lower than expected 1H'20 EBITDA of $384m, down 41% y/y. This decline was a result of lower prices and lower volumes due to COVID, community roadblocks in Peru, and conveyor belt maintenance at Las Bambas.
- Yancoal's half-yearly earnings have plunged 49% to $481 million because of lower coal prices and the impact of COVID-19 on global coal markets.
Commodities and markets outlook
- Mid-tier gold producers saw aggregate output fall 13.6% in the June quarter to an average 77,843 ounces, but a massive 94.2% from 1.35Moz in Q1, largely due to temporary restrictions related to the COVID-19 pandemic.
Industry bodies, government departments & regulators
- Minerals Council South Africa members have contributed towards oxygen and oxygen-related products in the poor Eastern Cape province, as COVID-19 case numbers climb and the country's mining production has fallen 28.2% year-on-year.
