Coronavirus company news summary – mineworkers test positive for virus – Barrick reduces production guidance

7 May 2020 (Last Updated May 7th, 2020 09:20)

7 May

Great Panther Mining has reported that two employees that live in the nearby communities of the Tucano Gold Mine in northern Brazil have tested positive for Covid-19. They are currently stable with mild symptoms and remain in isolation at home. Operations at the mine have not been impacted and the company has continued to operate the mine at full capacity with strict Covid-19 mitigation protocols implemented since mid-March.

South Africa-based Assore has suspended production at the Dwarsrivier Chrome Mine after an employee tested positive for Covid-19. Last week, the worker was screened as part of the mine’s return to work protocols and tested positive, as well as showing symptoms of the virus. Due to this, the company suspended work at the mine, which produced 1.55 million tonnes of chrome ore in the last financial year, according to Reuters.

Barrick Gold has reduced its 2020 production guidance following conflict with Papua New Guinea government over the Porgera mine in April. This year, the miner expects to generate gold between 4.6 million and 5 million ounces, which is 200,000 ounces lower than its earlier estimate. Barrick stated that it did not expect any further impact on production due to the coronavirus pandemic, which has compelled mine closures across the world.

Harmony Gold plans to raise up to $200m through a share issue to partly fund its acquisition of AngloGold Ashanti’s remaining assets in South Africa. According to Harmony, the proceeds will enable it to strengthen its balance sheet and optionality, especially during the present uncertainty as a result of the Covid-19 pandemic, reported Reuters.