Coronavirus company news summary – Talco Gold delays antimony production – India’s gold refineries close due to low supply – Wescoal provides Covid-19 update

16 June 2020 (Last Updated June 16th, 2020 09:26)

16 June

Talco Gold, jointly owned by Talco and China’s Tibet Huayu Mining, has reported that the start of commercial antimony production will take place in October this year. Initially, the company planned to start the production of antimony, a metal used in batteries and fire retardants, from the Konchoch deposits in western Tajikistan in March, but postponed it because of the Covid-19 pandemic. Talco information and public relations department head Igor Sattarov was quoted by Reuters as saying that the pandemic has significantly changed the project’s timeframe.

Half of India’s gold refineries have closed down following the Covid-19 pandemic. Out of the 20 refineries, 10 have closed down as international flights are currently non-operational and dore is not coming from Switzerland, Ghana and Peru. These countries send nearly 20t of dore to India for refining. Association of Gold Refineries and Mints secretary James Jose told ET that the refineries, which were only refining imported dore gold, have closed down due to no dore coming into the country.

Data released by the Indian trade ministry has revealed that the country’s merchandise exports declined by more than a third last month from a year ago, due to a fall in demand and shipments across the globe following the outbreak of the coronavirus pandemic. The data showed that merchandise exports fell by 36.47% to $19.05bn during the month, while imports were down 51.05% to $22.20bn, Reuters reported.

Coal mining company Wescoal has announced that all operations of the company have developed Covid-19 Standard Operating Procedures (SOPs) and approved a Code of Practice (COPs) in line with national legislation, which it has been operating since March. Furthermore, all business units developed business continuity plans and are prepared for any eventuality. Wescoal is also continuously reviewing and revising its plans to safeguard its staff, contractors and operations.