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April 22, 2020

Coronavirus company news summary – Fortescue to support Aboriginal communities – zinc prices fall – Eksom declares force majeure on Wescoal coal supply agreements

By Matthew Hall

Three-month zinc on the London Metal Exchange (LME) declined 2.1% to $1,907 a tonne amid risk-off sentiment across markets globally as well as concerns over supply surplus this year due to weak demand resulting from the Covid-19 pandemic. The most-traded zinc contract on the Shanghai Futures Exchange ended 2.9% lower to $2,207.87 a tonne, Reuters reported.

South African mining company Wescoal has received letters from Eskom declaring force majeure on coal supply agreements for its power stations due to the country’s national lockdown. Reuters reported that the force majeure will apply until one month after the lockdown has been completely lifted.

Endeavour Mining has announced that its employees who tested positive for Covid-19 have recovered and no new cases have been reported. The company is working with the health authorities in its host countries to support efforts against the virus. It also sent an expert medical response team to West Africa.

Fortescue Metals Group is distributing more than 1,300 care packages containing essential supplies to Aboriginal communities in the Pilbara region of Australia in response to ongoing coronavirus outbreak. CEO Elizabeth Gaines said that the company is working with a range of stakeholders to ensure regional and remote Aboriginal communities are supported during and after this global health and economic crisis.

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