26th Mar 2020 14:38
(Alliance News) - Glencore PLC on Thursday said most operations are running as normal, though in some countries Covid-19-related restrictions have curtailed work.
In Canada, the Raglan nickel mine and the Matagami zinc mine, both in Quebec, will be on care & maintenance for the next three weeks after the province's government shut all non-essential business. However, in Ontario, mining is deemed an essential operation.
Glencore, a FTSE 100 miner and commodities broker, is moving ferroalloys operations in South Africa onto care & maintenance after the government started a 21-day lockdown from midnight Thursday.
However, the majority of coal operations provide state-owned power company Eskom, and supply with continue. However, the Middleburg and Graspan mines will be put on care & maintenance.
In Colombia, Glencore has put the Prodeco coal mine onto care & maintenance. This is despite mining being exempt from a 19-day quarantine for the country, with Glencore saying community tensions and logistical issues make operations unfeasible.
Lastly, Glencore is moving the Badila and Mangara oil fields onto care & maintenance due to problems with transportation and supply. It expects this to end at the end of April.
Shares were 2.9% lower on Thursday afternoon at 129.96 pence each in London.
By George Collard; [email protected]
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