Coronavirus company news summary – Number of Australian energy projects in development on the rise – Impact Silver reports Q3 revenue – Chile copper output to hit 5.82mt in 2020

24 November 2020 (Last Updated November 24th, 2020 09:54)

24 November

The number of resources and energy development projects in Australia rose 19% in the previous 12 months, despite the impact of the ongoing pandemic. There are currently 335 projects in the development phase, with the value of these projects rising 4% y-o-y to $244bn, while the value of committed projects was $28.5bn, posting a 30% rise from the previous year according to data from Australia’s Office of the Chief Economist.

Impact Silver announced that its Q3 revenue reached $4.8m, compared with $3.5m for the same period in 2019, thanks to increases in metal prices and operational efficacy. The company’s EBITDA stood at $1.4m, a 28% increase from Q3 2019, even as silver production dropped marginally by 4% to 462,231oz year to date, owing to the suspension of operations in Mexico due to the Covid-19 pandemic.

Copper production in Chile is projected to rise 0.6% to 5.82Mt this year and reach 5.99Mt in 2021. Cochilco, the country’s copper commission, said the average copper price will stand at $2.75/lb in 2020, before increasing to $2.9/lb next year. The price estimate increased from August thanks to a rise in demand from China, economic recovery following the height of the Covid-19 pandemic, a slump in copper inventories and the possibility of Covid-19 vaccine in the near future.