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September 16, 2020

Coronavirus company news summary – Harmony Gold reports loss – Renard diamond mine to restart – Codelco enters agreement with union

By Matthew Hall

16 September

South African gold mining company Harmony Gold Mining posted a full year loss of R828m ($53m) for FY-2020 as a result of the weaker exchange rate despite soaring gold prices. However, there was a 9% increase in revenue to R29.2bn, compared to R26.9bn last year (FY-2019). The South African gold miner had warned that it expects to post a loss as an R1.7bn “derivative loss” hit profits, Reuters reported.

Mining royalty and streaming company Osisko Gold Royalties has announced that operations at the Renard mine in the Canadian province of Quebec will be restarted this month. Operations at the mine were suspended on 24 March, following an order by the public health authorities of the Government of Quebec as part of coronavirus-related health and safety measures. Though the suspension was lifted on 15 April, the Renard mine operations remained closed as the market for diamonds collapsed due to the pandemic.

Codelco, the state-owned mining firm of Chile, has signed a contractual agreement with the supervisors’ union at El Teniente mine. The agreement reflects the new constrained realities of the mining industry following the economic blowout as a result of the Covid-19 pandemic. In a press statement, the company said the agreement that supervisors would not receive a pay rise in the coming contract was supported by 88% of the members of the supervisors’ union and noted that the deal would remain in place for 36 months starting from 1 November this year.

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