Coronavirus company news summary – Minerals Council welcomes South Africa easing restrictions – SSR Mining updates guidance after Alacer merger – CIL output may fall

21 September 2020 (Last Updated September 21st, 2020 09:23)

21 September

The Minerals Council South Africa has welcomed South African President Cyril Ramaphosa’s further easing of Covid-19 restrictions and his call to rebuild the country’s economy, restore growth and create jobs. The country moved to alert Level 1 on 20 September, with Ramaphosa also saying “we will gradually and cautiously ease restrictions on international travel” and conditionally open borders from 1 October this year.

SSR Mining has updated its full year 2020 outlook following completion of the company’s merger with Alacer Gold last week. The new production guidance will also reflect the coronavirus-related impacts to operations at the company’s Seabee and Puna mines. Overall, the company expects to produce 680,000oz to 760,000oz gold-equivalent from its four operating mines at consolidated all-in sustaining costs of $965 to $1,040 per each ounce. On 16 September, the merger of Alacer Gold and SSR Mining was completed, with Alacer becoming a wholly owned subsidiary of SSR.

India’s state-owned firm Coal India Limited (CIL) may witness “de-growth” in production during the fiscal year (FY-2021) as its output is likely to fall below 600 million tonnes (Mt) due to sluggish demand, according to analysts. CIL could end the current year with the coal production of around 580Mt as against its revised target of 650Mt-660Mt, PTI reported citing analysts.