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August 24, 2020

Coronavirus company news summary – Gold prices decline as risk sentiment improves – Iamgold delays sale process for Sadiola gold mine

By Jessica Paige

24 August

Sibanye-Stillwater has partnered with the University of Witwatersrand (Wits) in order to produce face shields for frontline health workers in communities around the company’s operations in South Africa (SA) and in the Eastern Cape Province. The volunteers have so far produced 6,700 shields from the Braamfontein campus. They have been distributed to Sibanye-Stillwater’s SA mines and community members. The volunteers are producing the face shields using recycled plastic to reduce the impact on the environment. A total of 3,700 face shields will be distributed by the company to health facilities around its operations in Gauteng, Free State and North West provinces.

Prices of gold have declined as risk sentiment improved following authorisation by the US Food and Drug Administration regarding the use of blood plasma from recovered Covid-19 patients as a treatment for Covid-19. Spot gold edged down after hitting a one-week low of $1,910.99. US gold futures eased 0.4% to $1,940.10. AxiCorp chief market strategist Stephen Innes was quoted by Reuters as saying that weighing a little bit on immediate sentiment is virus positive news that has helped stocks and other risk assets go higher.

Papua New Guinea (PNG) has reportedly prevented the arrival of a flight that was carrying Chinese workers after mining company Ramu NiCo Management claimed to have immunised 48 employees against Covid-19 in a vaccination trial. Following the company’s claims, pandemic response controller David Manning banned vaccine testing or trials for the disease and sent back a flight with 180 Chinese workers as a precautionary measure.

Canadian mining company Iamgold has delayed the sale process for its Sadiola gold mine located in Mali due to political instability in the country. Last December, the company had reached a deal to sell its 41% interest in the mine, which is a joint venture with AngloGold Ashanti to Allied Gold. The deal was expected to close in April, however, the timeline was affected due to the Covid-19 pandemic.

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