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South Africa to impose 21-day lockdown on miners

  • South African mining firms are bracing for a three-week nationwide lockdown ordered by the government in an attempt to slow the spread of the coronavirus, warning of higher costs and reduced production.
  • AngloGold Ashanti (NYSE:AU), owner of Mponeng - the world's deepest mine - says it is developing plans to restore production safely; it already has suspended production at its Cerro Vanguardia mine in Argentina.
  • Harmony Gold (NYSE:HMY) says the shutdown of its South African assets would negatively impact its annual production guidance of 1.4M oz. and its full-year earnings.
  • Sibanye Stillwater (NYSE:SBSW), the world's largest primary producer of platinum, and Anglo American Platinum (OTCPK:AGPPY) say they are complying with the government's actions.
  • Palladium prices surged as much as 12.7% for the biggest daily gain since 2000, sparked partly by concerns over supply; gold and platinum also rose sharply.
  • Noting that marginal and loss-making mines may not be able to reopen if they are required to close fully, South Africa's Minerals Council says it is exploring what would be required to prevent permanent damage to the industry.
  • ETFs: GDX, NUGT, GDXJ, JNUG, GGN, DUST, PPLT, JDST, PALL, GOEX, SGDM, ASA, RING, GOAU, PICK, SGDJ, PLTM, GDXX, PTM, PGM, GDXS

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