Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Glencore PLC on Thursday halted a number of smaller mines due to government restrictions to curb the spread of the coronavirus but added its larger operations were not materially impacted.
The London-listed company said it would shutter its oil operations in Chad, some coal and ferroalloys operations in South Africa and Colombia, as well as nickel and zinc mines in Canada.
“To date, our larger operations have not been materially impacted, however a number of our smaller assets have had to restrict or stop operations,” the miner said in a statement.
Glencore joins peers such as Anglo American, Antofagasta, Codelco and Teck Resources in temporarily closing or slowing some operations, hitting global supply of commodities.
To slow the spread of the virus, South Africa and Colombia installed nation-wide quarantines this week that will run until mid-April, while Quebec province in Canada ordered non-essential businesses to close.
(By Aby Jose Koilparambil and Zandi Shabalala)
Comments