Coronavirus company news summary – Codelco reports July production decline – Coal India posts increase in shipments – Nigeria mines minister optimistic for recovery

3 September 2020 (Last Updated September 3rd, 2020 09:19)

3 September

Codelco has reported a 4.4% decline in year-on-year production in July this year as the Covid-19 pandemic hit its peak in the country, due to which the company was forced to reduce staffing, slow projects and switch off a smelter. During July, the company produced 133,300t of copper, which was up 2.3% over the first seven months of this year compared to the previous year.

Coal India has posted the first rise in monthly shipments since February this year, following a pickup in demand for the fuel due to easing of Covid-19-related restrictions aimed at controlling the spread of the virus. Last month, the company shipped 44.34 million tonnes of coal, which is 9.3% more compared to the previous year. The company filing showed that production increased 7% to 37.2 millions tonnes, Bloomberg reported.

Nigeria Minister of Mines Olamilekan Adegbite said that the country aims to have 50 mines in operation by the year 2023 and can make up for time lost due to the Covid-19 impact on development of the sector. Adegbite was quoted by Reuters as saying that the pandemic has slowed things down, but the country is still able to catch up. Mining in the country is expected to increase tenfold in five years to account for 3% of the economy.

The mining sector in Brazil is expected to witness key developments in the second half of this year, as the government and investors see signs that the worst phase of Covid-19’s impact on the economy has passed. The country’s mining regulator ANM aims to win approval of a new rule on guarantees for projects that are seeking financing and has launched a public hearing for assessing the new rule for use by companies to explore minerals.