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August 19, 2020

Coronavirus company news summary – China’s refined copper output declines in July – Odisha Mining provides funding for Covid-19 efforts – BHP says China’s economy will grow this year

By Matthew Hall

19 August

Gold mining companies in Canada are reportedly planning secondary listings in London and New York which open the door for their shares to be included in more exchange-traded funds (ETFs), according to Reuters. This is expected to guarantee substantial liquidity and widen the companies’ investor basis further. After central banks dial up stimulus measures in response to the Covid-19 pandemic, the prices of the metal have increased 32% this year. This is believed to have fueled a cash surge for mining companies that increased dividends.

Official data has revealed that China’s refined copper output last month declined 5.3% from the previous month to 814,000t as mining curbs related to the Covid-19 pandemic tightened concentrate supply and smelters carried out summer maintenance activities. However, the data showed that the output for January-July advanced 3.9% year-on-year to 5.63 million tonnes.

Indian company Odisha Mining Corporation has contributed Rs2.5bn ($33.49m) to the Chief Minister’s Relief Fund (CMRF) to help the government tackle the Covid-19 pandemic. Earlier in March, the company contributed Rs5bn ($66.99m) to the CMRF for the fight against the pandemic. For the 2019-20 fiscal year, the PSU had also transferred Rs2.5bn as the interim dividend and is currently funding ten Covid hospitals in eight districts across the state.

Global mining company BHP said that China will be the only major economy to grow this year as coronavirus recovery in developed countries lags, and these countries may not start recovery until next year. The company said in its outlook that within the scenarios it considers, the outlook for next year remains uncertain and its base case has the world economy rebounding solidly during the year. The company delivered the forecast during its full-year earnings report.

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