Friday, May 30, 2025

Latest

Precious Metals Mining Significantly Impacted by Global Lockdowns

The coronavirus pandemic has demolished economies worldwide, causing countries to impose mandatory lockdowns and safety measures as a way of mitigating the spread of the deadly virus. One of the industries impacted by the pandemic has been mining operations, which were either forced to completely shut down or partially shut down their operations.

Many countries around the world have imposed some sort of lockdown orders which in turn have shut down various non-essential business and industries. Since mining is not considered an essential operation in many jurisdictions during a global pandemic, over 1,600 mines had to suspend their activities for the time being. This has significantly affected global output of precious metals, with silver experiencing a production drop of 66%, uranium production decreased by 32%, and zinc decreased by 24% since the onset of economic lockdowns.

Although many mines had closed temporarily, there are still some operating, albeit at reduced levels. Some mines, including Hochschild, First Majestic, Endeavour Silver, and Hecla Mining had put their 2020 guidance reports on hold for the time being, meanwhile mines in the construction stage had also halted activities. Peru’s Quellaveco mine, which is set to be one of the largest mines in the world once construction is concluded, had decided to pull the plug and halt further development.

Several mining jurisdictions around the world have currently put a hold on extraction operations, including Mexico, Bolivia, Peru, and Namibia. Meanwhile, mining operations in Quebec have resumed as of April 15, but only under the condition that all safety measures are followed adequately. Some jurisdictions however, deem mining as an essential service, given that it supplies a significant portion of the country’s revenue. The jurisdictions which have lifted lockdown measures for mining include Zimbabwe, India, South Africa, and Argentina.

Information for this briefing was found via Mining.com. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Toronto Pearson Airport Reports Further Layoffs, Anticipates Pre-Pandemic Level Recovery to Take 3-5 Years

Much like the stagnant demand for air travel south of the border, Canadian airports have...

Wednesday, July 15, 2020, 04:41:00 PM

Can WallStreetBets Push Silver Higher? – The Daily Dive feat John-Mark Staude

Returning to the Daily Dive is frequent guest John-Mark Staude, whom is CEO of Riverside...

Tuesday, February 2, 2021, 01:30:00 PM

Silver Strike: 10,000 g/t & $10M in the Bank! —with Rory Quinn of Yukon Metals Corp.

In this interview at the Precious Metals Summit 2024, Rory Quinn, President & CEO of...

Thursday, September 12, 2024, 10:00:00 AM

Max Resource: Exposure To A Developing Copper-Silver District

Max Resource’s (TSXV: MXR) wholly-owned CESAR Project is located in north east Colombia, one of...

Monday, May 25, 2020, 11:56:43 AM

Silver: 200% Supply Deficit, Soaring Demand & Shrinking Production

Benoit La Salle, President & CEO of Aya Gold & Silver Inc. (TSX: AYA |...

Wednesday, July 10, 2024, 08:15:00 AM