Coronavirus company news summary – Covid-19 outbreak reported at Canadian gold mine – Albemarle projects net sales to cross $3bn – Copper volumes recover

5 November 2020 (Last Updated November 5th, 2020 09:27)

5 November

China-based cobalt producer Nanijin Hanuri Cobalt is planning to launch a cobalt production line in the Democratic Republic of Congo later this month. The line was scheduled to go online earlier this year, but postponed due to the ongoing pandemic. It will produce 5,000t per year once it starts operations.

Three workers at Canadian miner Alamos Gold’s Young-Davidson gold mine in Northeastern Ontario have tested positive for coronavirus. Contact tracing and safety precautions are being undertaken by the Timiskaming Health Unit. The region recorded its first Covid-19 outbreak in September when workers at Glencore Kidd Mine tested positive.

American lithium miner Albemarle projected its profits for 2020 to go beyond estimates but forecast that its annual performance will be lower due to the global economic slump triggered by the ongoing pandemic. The net sales for the current year is expected to be in the range of $3.05bn and $3.15bn.

Copper volumes on world exchanges are rising as speculators’ return to the market on the back of Chinese economic recovery. The copper market is the bellwether of the global economy thanks to its extensive usage in a wide spectrum of industries. The price of LME benchmark copper futures surged by 61% to $7,034 per tonne after witnessing lows in March owing to the ongoing pandemic.