Coronavirus company news summary – Syama workers strike over Covid-19 policy – China’s aluminium and alloy imports reach 1.74Mt – Ningbo Lygend restart construction in Indonesia

8 December 2020 (Last Updated December 8th, 2020 09:58)

8 December

Workers at Syama gold mine in Mali have gone on strike over disagreement on Covid-19 policy. However, the activity at the mine did not cease completely, as a few workers are operating machines to maintain minimum output. The conflict was regarding the mine deciding to place a few workers on furlough, while others were granted unpaid leave during the pandemic.

Russia-backed platinum company Great Dyke Investments sold a 4.4% stake in the company to Fossil Fuels as the former’s fundraising plan was delayed due to coronavirus pandemic. The financing for Greak Dyke of around $665m will now be finalised in Q1 2021. Great Dyke is building the Darwendale project, which is Zimbabwe’s largest platinum mine and help the country revive its collapsing economy.

Net imports of aluminium and alloy for China stood at 1.74Mt in January-October period. The imports are more than 1.43Mt imported in the entire 2009, which was the last time the country depended on the international market for the primary metal. The manufacturing sector in the country bounced back after lifting Covid-19 restrictions, which spurred imports of all metals at unprecedented levels, especially aluminium. The total imports of aluminium for China so far in 2020 stood at 880,000t.

Ningbo Lygend restarted the construction work at its nickel-cobalt project located on Obi island in Indonesia. The construction activity at the mine commenced in March and was halted in the same month due to the onset of the Covid-19 pandemic. The first phase of the plant will start production in Q1 2021, while the operations on the second phase are expected to commence in the second quarter of 2022