Coronavirus company news summary: African copper output set to grow – Outbreak in China could disrupt coal transports – Victoria Gold production exceeds guidance

7 January 2021 (Last Updated January 7th, 2021 09:54)

7 January

Victoria Gold’s production of gold reached 42,174oz in Q4 last year, taking the H2 output to 77,748oz, beyond the company guidance, which was in the range of 72,000oz and 77,000oz. Mine operators at the company’s Dublin Gulch gold project located in Yukon Territory in Canada ensured health precautions were in place, enabling the mine activity to continue without any Covid-19 cases being reported at the site.

Authorities at the South Deep gold mine in South Africa substantially upped the return-to-work procedures at the site in view of sharp increase in the number of Covid-19 cases among workers. Around 120 Covid-19 positive employees working at the site were quarantined and indisposed workers were asked to contact medical staff and get themselves tested before returning to work.

Copper production in Africa is expected to increase, notwithstanding the Covid-19 outbreak’s effects. The region’s copper output is expected to maintain a CAGR of 4.5% over the next four years. Thanks to blockade measures, most of the mines in Africa were unaffected by the coronavirus pandemic. The Democratic Republic of the Congo made a huge contribution to the rapid expansion of copper production in the continent.

Key coal-producing provinces in northern China may bear the brunt of the new Covid-19 outbreak in the Hebei province, which is expected to disrupt coal transportation between provinces. This trend could exacerbate the coal shortage crisis, which already led to increase in domestic spot prices. The resurgence in coronavirus cases in Hebei province led to transportation curbs, which can restrict mill operations in the region.