21 August
South Africa-based mining company Gold Fields has reported an increase in half-year earnings due to a rise in the gold price above $2,000, owing to disruption caused by the Covid-19 pandemic. The company CEO Nick Holland, who will step down in September next year, said that a bittersweet respite for gold companies has led to the increase in this safe haven metal to record levels.
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Chilean mining firm Antofagasta has restarted growth projects, even after weak copper prices drove down its earnings by 22% during the first half of this year. Due to the Covid-19 pandemic, the company’s mines have operated with about two-thirds of their usual workforce on site. Pandemic-related disruptions to mining operations in Chile have been minimal, but have led to the delay of some mining projects. A six-month delay to Antofagasta’s flagship Los Pelambres mine had cost it $50m.
South32 said it is prepared for an extended wave of market volatility as well as lower commodity prices after a strong performance in the financial year. During the ongoing Covid-19 pandemic, the company resisted major impacts and also introduced cost savings across its mines. Furthermore, it registered record annual production results at three of its operations.
