Coronavirus company news summary- Zimbabwe miners’ union urges shutdowns – Chile copper output increases – gold price remains steady

4 August 2020 (Last Updated August 4th, 2020 09:31)

4 August

The Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) has urged the government to shut mines due to the increase in Covid-19 cases in mining communities across the country. ZDAMWU general secretary Justice Chinhema said that the government needs to implement a shutdown of mines temporarily to allow testing of all workers. Statements released by Bulawayo Mine, How Mine, Unki Mine, and Hwange Colliery indicate that they have been hit by the virus.

Chile’s central bank said that mining output in the world’s top copper producing country increased 2.2% last month, even as non-mining activity plunged 14%. According to the figures released by the bank, the country’s economic activity fell 12.4% last month during the Covid-19 pandemic from the same month a year ago. Even during this period, the country could manage to protect its mining industry from the damage, the bank data showed.

Prices of gold remain steady near record highs as worries over the economic fallout worldwide from increasing cases of Covid-19 offset pressure from a rebound in the US dollar. Spot gold remained steady at $1,976.36 per ounce and US gold futures increased 0.3% to $1,993, Reuters reported. ED&F Man Capital Markets analyst Edward Meir said: “The coronavirus problem is going to be with us for a while. It seems that economies around the world will be very fragile for an extended period of time.”