Exploring Mining Podcast: News from (NYSE: RIO) (NYSE: NEM) (NYSE: GOLD) (TSX: TLO)
Point Roberts, WA and Delta, BC - March 17, 2020 (Investorideas.com Newswire) 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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Exploring #Mining #Podcast: News from (NYSE: RIO) (NYSE: NEM) (NYSE: GOLD) (TSX: TLO)
Rio Tinto Group (NYSE:RIO) has provided an update on the Oyu Tolgoi mine in Mongolia, indicating that it is continuing to operate and deliver shipments of copper concentrate to its customers in accordance with restrictions from Mongolian authorities imposed to contain the spread of COVID-19. Rio Tinto Copper & Diamonds chief executive Arnaud Soirat, explained:
"Our focus is on ensuring the safety and health of all of our people at Oyu Tolgoi and we support the decisive action taken by the government to limit the spread of COVID-19. It has inevitably resulted in a restriction on the movement of goods and people in the country and this is slowing down construction activity at the Underground Project. It is too early to determine the impact of this and the team is doing all they can to minimise the disruption in a challenging environment. We will continue to work with our suppliers, customers and the government."
Newmont Corporation (NYSE:NEM) has announced that it will be safely ramping down mining operations at the Yanacocha property in Peru, as government authorities instate "Coronavirus-related" restrictions. The press release indicates, however, that "gold production from leach pads," will continue. Tom Palmer, President and CEO, said:
"The health and safety of our workforce and host communities takes precedence above all else. While we have no confirmed COVID-19 cases among Newmont's workforce or any major disruptions to production at our other sites at this time, we are proactively taking steps to protect our people and the continuity of our business during this global pandemic."
Barrick Gold Corporation (NYSE:GOLD) has announced that the Veladero gold mine in Argentina has had its life extended by 10 years "following a comprehensive review of its strategy and business plan.' Company President and CEO Mark Bristow said:
"Our review included the reinterpretation of the mine's geology and an ongoing infill drilling campaign. We established exploration and resource management teams to identify satellite orebodies with the potential to deliver an increase in resources and reserves. Our aim is to extend Veladero's life of mine beyond 2030 and elevate it to a Tier One asset."
The press release notes that "Barrick defines a Tier One mine as one that produces in excess of 500,000 ounces of gold per annum and has a life of at least 10 years."
"The drill hole was planned by using a combination of downhole electromagnetic models, magneto-metric resistivity models and oriented core from drill 16TK0233B. The target was then successfully intercepted by using directional drilling."
Talon has also confirmed that health and safety measures have been implemented in response to the Coronavirus threat, but that "operations (including its drilling program) have not been impacted."
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