Coronavirus company news summary – Diamond exports from India expected to decline – IEA foresees bright prospects for Australian minerals – Gold production boom expected

15 October 2020 (Last Updated October 15th, 2020 10:04)

15 October

India, the world’s largest diamond exporter, is expected to witness a decline in diamond exports in the first quarter of 2020 as a result of the coronavirus pandemic and disruption in supply chains. Diamond imports declined by 37% between March and September, compared with the corresponding period in 2019.

The International Energy Agency’s (IEA) energy outlook for 2020 has indicated that top mineral companies in Australia will play a critical role in supplying energy resources over the next few decades. The report forecasts that approximately 50% of global energy investments will be made in the Asia Pacific region.

Australia’s minerals companies will have a key role in providing resources required to grow sustainably in coming decades, according to Minerals Council of Australia. Despite global uncertainty, the country’s prospects are expected to be positive because of ‘world-class’ minerals, reliability as a supplier, and investments by industry and government in the research, development and deployment of emission lowering technologies.

The gold production from mines across the world is expected increase by 8.8% to reach 3,664 tonnes in 2021 due to rising bullion prices. The demand for gold will slump by 25% in 2020 before bouncing to 17% in 2021, according to consultancy firm Metal Focus. The Covid-19 led to temporary cessation of gold mines and trimmed jewellery sales, but also fuelled a gold rush due to its status as a safe investment.