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September 22, 2020

Coronavirus company news summary – Mountain Province conducts first diamond sale since February – Chromium production impacted severely by Covid-19 – AngloGold reinstates 2020 guidance

By Matthew Hall

22 September

Canadian diamond mining company Mountain Province Diamonds held its first traditional commercial diamond sale since the Covid-19 pandemic began. The latest sale marks the company’s first commercial sale since February this year. Mountain Province Diamonds president and CEO Stuart Brown said: “The results of the first small sale, post the Covid-19 Pandemic are an encouraging start considering that the market has been at a standstill for nearly 6 months.” The diamond sales resumption is a major sign of development for the diamond sector, which has been largely shut down by coronavirus-related travel bans and the economic hit of the virus.

Global chromium production and consumption remained “constrained” during the second quarter this year (Q2-2020) due to lockdown measures implemented in various countries as a result of the Covid-19 outbreak, according to the International Chromium Development Association (ICDA). However, ICDA warns that the Q2 figures were “preliminary” and confirm the trend of a continued decrease in production due to continuity in the Covid-19 global crisis.

Gold mining company AngloGold Ashanti has reinstated – but trimmed – its annual guidance citing improved operating certainty and the anticipated conclusion of the sale of its assets in South Africa at the end of this month. Updated 2020 production guidance excluding the South African assets is now between 2.80Moz and 2.86Moz. AngloGold Ashanti interim CEO Christine Ramon stated: “We’re pleased to reintroduce guidance, which reflects our greater certainty in relation to full year operating performance.”

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