Latest Africa Mining news

[annie]

For the latest Africa Mining news click www.ambriefonline.com/

[miningstudent]

* most mines in the South-African country are now closed due to shipping restrictions worldwide* 

Reuter UK  uk.reuters.com/article/uk-health-coronavirus-anglo-american/anglo-american-expects-south-african-lockdown-to-hit-iron-ore-and-coal-idUKKBN21E0YY


Anglo American said its workforce across different minerals in South Africa would be cut by 50% to 75% during the country’s 21-day lockdown, adding that major operations in other countries had so far not been materially impacted.



The company had previously expected output this year of 41.5 million to 42.5 million tonnes at Kumba and to mine about 26 million tonnes of coal for export in South Africa and Colombia.

[miningstudent]

Monday, South Africa said that it would shut down all but a few necessary mines for 21-day.


In the last few days the mining sector has been hit with a cascading wave of mine closures as companies are forced to comply with public lockdown measures. Monday, South Africa said that it would shut down all but a few necessary mines for 21-day. The news has caused a major spike in platinum and palladium prices.




www.forbes.com/sites/timtreadgold/2020/03/24/metal-prices-boosted-by-a-south-african-move-to-close-its-mines/#496008e79b19

www.kitco.com/news/2020-03-24/Gold-miners-should-be-able-to-weather-coronavirus-storm-Gabelli-Gold-Fund.html

Mines are also closing in other major jurisdictions like Northern Quebec and Ontario as provincial governments have ordered the shutdown of all non-essential businesses.

[miningstudent]

Economy coming to a grinding halt, even for the rich

www.bnnbloomberg.ca/south-african-gold-shipments-to-london-have-been-cut-off-1.1412974


(Bloomberg) -- A South African refinery has stopped shipping gold to London because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market.



South Africa’s Rand Refinery Ltd., the continent’s only gold refiner, said it’s exploring back-up plans and alternative measures to be able to meet its delivery commitments to the London gold market.



“The supply from the established mines on the African continent to the refinery is currently disrupted,” said Chief Executive Officer Praveen Baijnath. “We are working hard with global logistics service providers to ensure our inbound and outbound commitments can be achieved.”



He didn’t specify how much gold could be affected. Still, it’s another example of how the supply chain -- which runs from deep African mines to refineries and storage vaults -- is being upended by the coronavirus. Earlier this week, refineries in Switzerland also announced they would temporarily close.