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July 30, 2020

Coronavirus company news summary – Rio Tinto declares record dividend – Agnico Eagle raises production outlook – Chile reportedly rules out Codelco privatisation

By Matthew Hall

30 July

Rio Tinto has declared a record dividend despite the challenges posed as a result of the Covid-19 outbreak. The company has announced that it is paying an interim dividend of $2.5bn for H1-2020, equivalent to $1.55 a share, up from $1.51 last year. Payable in September this year, the dividend is a 3% increase from the same period last year.

Canadian gold miner Agnico Eagle Mines has raised the bottom-end of its production outlook this year after a surge in gold prices. The profits are also boosted as mines return to operations after easing of national lockdowns, Reuters reported. The Canadian firm now expects full-year gold output between the range of 1.68Moz and 1.73Moz, compared to its earlier forecast of 1.63Moz to 1.73Moz.

The Government of Chile has reportedly ruled out the privatisation of the state-owned copper miner Codelco after a lawmakers group proposed to divest it in order to raise funds in response to the Covid-19 pandemic. However, the Federation of Copper Workers (FTC) rejected the proposal. According to Reuters, FTC stated that it would bring the state-owned firm to a halt before accepting any attempt at privatisation.

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