Coronavirus company news summary – Pan American Silver restarts Peru operations – BHP announces funding for Covid-19 economic recovery – MC Mining posts narrowed annual loss despite Covid-19 impact

1 October 2020 (Last Updated October 1st, 2020 09:39)

1 October

Pan American Silver has restarted production at its Huaron and Morococha operations in Peru, where it has been gradually redeploying its workforce over the last two weeks. The company is implementing intensive health screenings and testing at these operations for Covid-19. Pan American has also implemented strict protocols to trace, mitigate and limit the spread of the virus. The expected production for the year, cash costs and all-in sustaining costs per ounce sold in 2020 for both the operations are in line with revised guidance the company provided on 5 August 2020.

BHP is set to provide funding for 3,500 new apprenticeship and training positions in Australia, and drive up to $450m into supporting business opportunities in the country’s mining, equipment, technology and services sector. BHP CEO Mike Henry said that the major skills and technology package would be good for the company and the country, as Australia focuses on its recovery from the Covid-19 pandemic. The package totals nearly $800m and is to be deployed over the next five years.

Coal producing company MC Mining has reported a significantly narrowed annual loss for the financial year ended 30 June despite the adverse impact of the Covid-19 pandemic and the related lockdown in South Africa. During this period, the company reported a pre-tax loss of $12.9m. For the previous year, the pre-tax loss was $33.5m. The annual net impairment expense of the company declined to $1.3m from $21.9m compared to the previous year.

Wesizwe Platinum has delayed Bakubung platinum mine development due to the impact of Covid-19 on the process plant construction schedule. The commissioning date is now scheduled for October next year. The company was only able to progress 1.1km of development for the six months to 30 June. The proposed target for the year was 3.6km. Additionally, production forecast for the mine was cut in half for this year because of the pandemic and a fatal accident. The mine construction started in 2011.