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April 29, 2020

Russian mining companies reduce investment amid Covid-19

Three Russian metals and mining companies – Alrosa, Petropavlovsk, and MMK – just announced that they are reducing activity, with less investment and delayed dividends or postponed asset purchases, as the Covid-19 outbreak takes its toll, Reuters reports.

By Yoana Cholteeva

Three Russian metals and mining companies – Alrosa, Petropavlovsk, and MMK – just announced that they are reducing activity, with less investment and delayed dividends or postponed asset purchases, as the Covid-19 outbreak takes its toll, Reuters reports.

With the global diamond market deteriorating, state-controlled Russian diamond producer Alrosa announced that it will review its 2020 production plan, while Petropavlovsk, the gold producers, said on Wednesday that it had decided to postpone making a big purchase and MMK, Russia’s third biggest steel producer, said it is reducing its capital expenditures by 20% in 2020, Reuters said.

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