Coronavirus company news summary – Harmony’s gold output grows 38% in Q3 – India’s gold jewellery demand slumps 48% – Copper prices increase following vaccine hopes

10 November 2020 (Last Updated November 10th, 2020 09:36)

South African gold miner Harmony Gold reported a 38% rise in its gold production for the third quarter compared with the previous quarter, which helped the company consolidate its balance sheet with a 20% cash flow margin. The output in the third quarter was 313,725oz compared to 226,632oz in the June quarter. Underground gold production saw a 64% jump to 242,029oz, thanks to easing of Covid-19 restrictions in the country.

A worker at the Hoyle Pond Mine in the Timmins area in Ontario, Canada has tested positive for coronavirus, according to Newmont Porcupine general manager Patrick Chabot. The person who tested positive has been sent to self-quarantine to safeguard the health and safety of the other employees at the mine. The mine authorities are cleaning and sanitising the areas at the mine to avoid potential spread and further infections.

The demand for gold jewellery in India witnessed a 48% drop year on year at roughly 52.8t in the third quarter, owing to the impact of the coronavirus pandemic. The continuing high prices of gold is expected to deter customers from buying the yellow metal. The fall in gold demand is also attributed to the bleak employment prospects across the country due to Covid-19 induced economic slump.

Copper prices went up after positive developments on the vaccine for coronavirus were reported. Three-month copper on the London Metal Exchange increased to $6,950 per tonne on Tuesday, a 0.5% growth, while the Shanghai Futures Exchange rose marginally by 0.2% to $7,868 per tonne.