The coronavirus pandemic continues to cast a shadow over the global copper industry, affecting worldwide supply by 4%, according to mining major, Rio Tinto. Copper prices increased to $6,700/t from $5,000/t mainly due to copper cathode imports by China. Rio Tinto’s copper production in the third quarter was 18% lower than the corresponding period in 2019.
Telson Mining Corporation reported that its Campo Morado multi-metal mine has returned to 100% production after it was shut down earlier due to Covid-19. The mine processed 52,352t output in September, increasing the overall output for the third quarter to 127,438t. Production at the mine was impacted in July and August due to the collapse of SAG mill liner.
Gold imports to India, the world’s biggest gold importer, plummeted by 57% to $6.8bn in the first half of 2020 compared with the same period last year due to lower demand for amid the Covid-19 pandemic. The reduction in imports enabled India to reduce its the trade deficit for the April-September period at $23.44bn from $88.82bn in 2019.