Exploring Mining Podcast: News from (NYSE: RIO) (NYSE: NEM) (NYSE: AEM) (NYSE: IAG)
Point Roberts, WA and Delta, BC - March 24, 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: AEM) (NYSE: IAG)
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."
- 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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