Health Contingency Repositions Top Mining Players

The Week in Mining highlights developments in the global mining industry. Several mines have temporarily ceased production and global supply chains have been disrupted. Meanwhile, miners with operations in Mexico juggle the need to keep producing while trying to minimize COVID-19 risks.

World

On a global scale, work is grinding to a halt and operations at mines are being temporarily suspended as majors and minors move to enact measures to protect against the spread of COVID-19.

Chilean copper miner Codelco will lose its position as the world's leading producer of the metal this year, as delays in upgrades and expansion projects caused by measures to stop the spread of COVID-19 add to the impact of low prices and lack of funds.

On the other hand, Canada’s Barrick Gold unveiled a 10-year plan to become the world’s most valued gold miner.

Brazilian iron ore miner Vale SA said it planned to install more than 80 thermal cameras in selected locations around the country, enlisting digital age technology in the fight against the COVID-19 pandemic.

Mexico

Due to a non-COVID-19-related blockade, Fortuna Silver’s Oaxacan mine suspended operations. However, the company reported late Wednesday that the blockade had been lifted.

Almaden Minerals has restructured a private placement aimed at financing developments at its Ixtaca gold project in Mexico reflecting current market conditions.

Santacruz Silver said it would suspend Veta Grande in Zacatecas to allow for upgrades to the plant and its new tailings storage facility. Santacruz said it expected to offset by 70 percent the Veta Grande production by the end of May, as it kept increasing milling throughout the Zimapan and its Rosario mines.