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.
Mexico’s Peñasquito mine, one of the country’s leading gold and silver producers, said on Monday that it had temporarily suspended operations to comply with government restrictions aimed at curbing the spread of the coronavirus.
In early April, US mining giant Newmont, which operates the mine, said it would begin reducing its operations at the site after the government declared a health emergency compelling “non-essential” industries to pause activity.
“We have suspended all activities of exploration, projects,” Newmont said on Monday in a statement. “Staff at the site have been reduced to a minimum.”
(By Noe Torres and Julia Love; Editing by Muralikumar Anantharaman)
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