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July 31, 2020

Coronavirus company news summary – Gold Council reports demand drop – Anglo American cuts dividend – De Beers mulls job cuts

By Matthew Hall

31 July

The World Gold Council, the market development organisation for the gold industry, has reported that gold demand fell by 6% year-on-year at 2,076 tonnes in the first half of this year. According to the council, the main influence on demand and production was the international spread of the Covid-19 outbreak, which has severely reduced consumer demand for the precious metal.

Multinational mining company Anglo American has announced that the company’s first half profits fell 39% as Covid-19 led to lockdowns and restrictions that hit production. The company also declared an interim dividend of 28 cents a share, which is 55% down from a year earlier, Reuters reported. The multinational miner made a net profit of $471m, which is 75% down from $1.88bn in H1-2019.

The CEO of diamond mining major De Beers Bruce Cleaver reportedly said that the company is likely to make job cuts. Bruce was quoted by Reuters as saying that the latest move comes as part of the company’s plans for an overhaul of its business after Covid-19 had severely hit demand for jewellery.

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