Coronavirus company news summary – Kaz Minerals raises 2020 production guidance – Newmont’s gold output to hit 6.5Moz in 2021 – Platinum demand surges

9 December 2020 (Last Updated December 9th, 2020 10:18)

9 December

Kazakhstan’s biggest copper producer Kaz Minerals raised its copper and gold output for the year by 2% to 3%, as there were no operational disruptions due to the ongoing pandemic. The full-year production for copper and gold are now projected to be in between 280,000t-300,000t and 180,000oz-200,000oz ranges respectively.

Gold producer Newmont predicts that production will increase from 6Moz this year to 6.5Moz in 2021, thanks to a rise in demand during the coronavirus pandemic. The perception of gold being a safe haven led to a 23% increase in price, as the Covid-19 induced lockdown restrictions triggered a global economic slump. The company’s operations are expected to continue without any disruptions all through 2021 and beyond.

The demand for platinum picked up worldwide in the third quarter, thanks to sustained orders from Chinese retailers and sales recovery in the US. The strong momentum in China is attributed to rise in jewellery and retail sales, as the government quickly controlled the spread of coronavirus and store traffic returned to pre-pandemic levels.

The European aluminium scrap market is soaring as demand increased and supply tightened. The aluminium scrap prices generally dip by end of the year as witnessed in the trends of the last two years, but this year the price continued to remain high from the beginning of the fourth quarter. The last time aluminium prices dropped was in May as the manufacturing activity was suspended in view of Covid-19 pandemic.