Coronavirus company news summary: India’s gold imports slumped in 2020 – Copper demand set to grow – Conic Metals’ Ramu mine exceeds expectations

6 January 2021 (Last Updated January 6th, 2021 09:43)

6 January

Gold imports to India last year dropped to the lowest since 2009, due to the adverse impacts of the Covid-19 pandemic. Foreign purchases plunged to 275.5t in 2020 as the demand and logistics were impacted by lockdown restrictions, while gold prices skyrocketed. However, December imports reached 55.4t, an 18% increase from the corresponding period in 2019.

The copper concentrate market is projected to remain constricted this year as demand growth is set to overtake output increase and launches. Global supply is expected to surge by around 1Mt in 2021 as various mines across the world are bracing for expansions. Many start-ups are set to launch this year, but demand will only increase as China is expanding its smelting capacity despite the disruptions caused by the Covid-19 pandemic during the first half of last year

Production at Conic Metals’ Ramu nickel-cobalt mine surpassed its nameplate capacity in 2020 despite the impact of Covid-19 pandemic. The mine produced 33,659t of contained Ni, which is 103% of nameplate capacity and 2,941t of contained Co in its mixed hydroxide product. The LME price of nickel averaged at $6.84 per pound in last year’s second half, compared with $5.66 per pound in the first half.