Antofagasta on Tuesday cut its 2019 final dividend by $70 million citing uncertainty due to covid-19 restrictions in place in Chile, as miners globally fight supply chain disruptions and production halts.
The London-listed miner said it will now pay a final dividend of 17.8 cents per share, amounting to $175.5 million, but added the latest quarantine restrictions in the South American country are not expected to impact its current operations.
In April, the copper miner said it would suspend its Los Pelambres expansion project for about four months and was operating with about two-thirds of its workforce at its mines in Chile.
Last month, Antofagasta reduced its capital expenditure for the year and said copper production would be at the lower end of its previous outlook due to the pandemic.
Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) announced that it plans to revive 50 idle small copper mines in the current Iranian calendar year (ends on March 20, 2021), IRNA reported.
Iron ore prices were closing in on triple digits on Wednesday as optimism about a quick recovery in China, where more than half the world’s steel is forged, combined with supply fears from Brazil, the globe’s number two supplier.
Newcrest Mining Ltd on Wednesday said it had achieved sufficient water levels at its Cadia gold and copper mine, easing production-related concerns at the New South Wales-based project for at least two years.
Wordwide, mining companies are facing disruptions in supply chain, parts and consumables as a result of near-global government directives to contain the covid-19 pandemic.
Norilsk Nickel, the world’s largest palladium producer, said on Thursday it was using air cargo flights to ship supplies of palladium and platinum because most of the passenger flights it usually uses had been suspended.
SMS group has commissioned another new copper cold rolling mill at the Chinese copper manufacturer Jintian Ningbo Copper Co., Ltd. in the Chinese province of Jiangsu.