#ExploringMining #Podcast Episode 52 –
#Mining #Stocks News from (NYSE: $RIO) (NYSE: $NEM) (NYSE: $AEM) (NYSE: $IAG)
Point Roberts WA, Delta
BC, March 24, 2019 Investorideas.com,
a global investor news source covering mining and metals stocks releases
today’s edition of Exploring
Mining Podcast, featuring stock news from TSX, TSXV ,CSE,
ASX, NASDAQ, NYSE companies plus
interviews with CEO's and leading experts.
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this in full at https://www.investorideas.com/news/2020/exploring-mining/03241RIO-NEM-AEM-IAG.asp
Rio Tinto Group (NYSE:RIO) has arranged to slow down operations in Quebec and
South Africa in compliance with government actions to contain the spread of
COVID-19. In the case of South Africa, this will involve a lessening of
production at Richards Bay Minerals (RBM), and the halting of mining operations
“by midnight on Thursday, 26 March, for 21 days.” J-S Jacques, CEO of Rio
Tinto, commented:
"The
health and safety of our people is Rio Tinto’s key priority and we are
supportive of the action being taken by various governments to address the
threat of COVID-19. We will continue to work with our employees, customers,
communities and suppliers to minimise any impact of action being taken to
reduce the spread of COVID-19."
Newmont Corporation (NYSE:NEM) has implemented additional measures and controls at
its operations to further “protect the health and safety of its workforce,
their families and neighboring communities.” Currently, the company’s mines are
running in line with 2020 production targets, but the press release indicates
that that is subject to change if it poses any kind of risk to people. Tom
Palmer, Newmont President and CEO, said:
"Our
business continuity plans and rapid response teams have been fully mobilized in
response to the COVID-19 global pandemic. We are working closely with host
communities, First Nations and other indigenous peoples, regional and national
governments and health experts to protect our workforce and nearby communities.
This includes putting some operations temporarily into care and maintenance
while others continue to operate at targeted production levels. We are also
making sure that these short-term disruptions do not impact long-term business
value while ensuring we are well-positioned to safely and efficiently ramp-up
operations in a timely manner once the worst of this global pandemic
passes."
As with Rio Tinto, Agnico Eagle Mines Limited (NYSE:AEM) is adapting to new regulations in Quebec which
require mining operations in the province to “minimize their activities until
April 13, 2020.” While specific changes to the company’s operations were not
outlined, the press release indicates that Agnico Eagle Mines “is communicating
with the Government of Quebec to ensure compliance with its order and will
discuss procedures at the Company's Quebec operations while having regard to
the health and safety of our employees and communities.”
IAMGOLD Corporation (NYSE:IAG)
is also responding to Quebec’s new regulations. The
following excerpt outlines its response:
●
Placing
the Westwood Gold Mine ("Westwood") on care and maintenance within
the provincial directive timeframe. Minimal staff will be in place during this
period, and will follow strict hygiene and screening protocols, in addition to
social distancing. Westwood is well-positioned to quickly and safely ramp-up
mining operations at the appropriate time.
●
Closing
the Toronto office effective March 24, 2020 at midnight for at least two weeks
per the Ontario directive, with the work-from-home protocol already in effect.
●
Closing
the Longueuil office effective one minute after midnight March 25 and until
April 13, 2020 per the Quebec directive, with the work-from-home protocol
already in effect.
The company’s operations in neighbouring Ontario will
not yet be affected, as that province deems mining, exploration and development
as essential services.
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