Coronavirus company news summary – Nornickel reports sales decline – Fall in Colombian coal output – Indonesian coal exports at 32.1Mt

2 December 2020 (Last Updated December 2nd, 2020 09:31)

2 December

Russia’s Norilsk Nickel reported that sales of nickel and palladium dropped by 5% to 7% in 2020 compared with the previous year, due to a demand slump induced by the coronavirus pandemic. The company sold 230,000t of nickel and three million troy ounces of palladium last year. Demand is not expected to reach pre-pandemic levels for two years.

Diamcor Mining sold 2,426ct of rough diamonds, while its revenue reached $339,280 over the course of the Covid-19 pandemic. The company focussed on decreasing costs, restarting operations and consolidating its core team during the March-September period, when the pandemic was at its peak.

Coal production in Colombia slumped by 47.2% in September quarter, due to the ongoing lockdown in the country. The union strike at Cerrejon mine, the largest coal mine in the country, extending to its third month also affected production. Coal output in Q3 dropped to 11Mt from 20.8Mt in the same period in 2019. However, production picked up from the second quarter figures of 9.7Mt.

Indonesian coal exports in October hit 32.1Mt, dropping by 8.9Mt compared to the same period in 2019, even as its total seaborne exports in the first ten months stood at 329Mt. The South Asian nation is expected to fall short of its 2020 exports target of 400Mt due to a coal surplus owing to drop in seaborne exports and reduction in domestic consumption as a result of the Covid-19 pandemic.