Coronavirus company news summary – Rio Tinto begins testing – Polyus reports outbreak – India to open coal to commercial mining

11 May 2020 (Last Updated May 11th, 2020 09:20)

11 May

Rio Tinto is introducing Covid-19 testing at its Diavik diamond mine in Canada’s Northwest Territories as an additional precautionary measure to protect employees as well as community members. Non-profit public health expert GuardRX has installed an on-site laboratory at the mine to carry out a testing programme for employees and contractors using nasopharyngeal swabs in collaboration with the Chief Public Health Officer of the Northwest Territories. All personnel are tested on arrival at the site.

Russian gold company Polyus has reported more than 90 Covid-19 cases among employees of its Polyus Krasnoyarsk unit based in eastern Siberia. The regional branch of the Rospotrebnadzor consumer health watchdog told Reuters that of the 89 infected employees at the unit, 82 tested positive for the virus in a day. Those infected with the virus are in self-isolation and more employees are being tested.

The Indian government is expected to open the doors of the regulated coal sector for commercial mining by the private sector in July this year. The move was initially planned for April but delayed due to the Covid-19 pandemic. Initially, a total of 80 large and small mines will be put up for auction for commercial mining by Indian as well as overseas mining companies, IANS reported. Before auctions commence, the Cabinet is expected to approve draft rules, and bid documents and agreements are to be prepared and finalised for commercial mining.

Stainless steel futures in China have increased as much as 4.4% to a more than nine-month high following recovery in domestic demand as Covid-19 related shutdowns are lifted . For June delivery, the most-traded stainless steel futures contract on the Shanghai Futures Exchange rose as much as 4.4% to $1,939.68 per tonne. Reuters quoted Huatai Futures analyst Fu Zhiwen as saying that the purchasing demand at downstream sectors for stainless steel has been good.