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August 27, 2020

Coronavirus company news summary – RioZim expects bounce in demand for rough diamonds – Camimex urges government to provide certainty for investors

By Jessica Paige

27 August

Prices of copper have increased on optimism over progress in trade talks between the US and China and signs that researchers might be closer to a treatment for Covid-19. On the London Metal Exchange, three-month copper gained 0.3% to $6,545 a tonne, while the October copper contract on the Shanghai Futures Exchange closed at 0.3% at $7,457.13 a tonne, Reuters reported.

Zimbabwe-based diamond mining company RioZim is expecting pickup in demand, after the Covid-19 pandemic forced the company to halt sales in March this year due to slumping gem prices. RioZim spokesperson Wilson Gwatiringa was quoted by Bloomberg as saying through email: “It has in fact picked up with a vengeance in some parts of the world. As a result, we expect an imminent bounce back in the demand for rough diamonds.”

Camimex, the Mexican mining chamber, has requested the government to provide certainty for investors as the sector struggles amid the Covid-19 pandemic. The policy plans announced by President Andrés López Obrador (AMLO) created uncertainty and has negatively impacted investment at a challenging time for the mining industry. The industry is currently adapting to health protocols that are related to the pandemic.

The Polish ministry has delayed its weekly talks with coal mining unions with regard to restructuring of the sector after one of the participants at meeting tested positive for Covid-19 last week. Coal industry in the country is already under pressure from climate campaigners and declining demand, and has been hit hard by the crisis after many miners caught the disease and mining operations were shut. The postponement of the talks increases pressure on PGG, which is expected to struggle to pay salaries in the coming months.

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