Lundin Gold (TSX: LUG) has temporarily suspended operations at its Fruta del Norte gold mine in Ecuador due to COVID-19, while Newmont (TSX: NGT; NYSE: NEM) has taken similar measures at four of its operations in Argentina, Canada and Peru.
Newmont has temporarily suspended activities at Musselwhite, Eleonore, Cerro Negro and Yanacocha.
However, Newmont said mines representing about 80% of its production outlook for 2020 continue operating in line with production targets for the year.
“We are not currently experiencing significant delays in the shipping of concentrate or transportation and refining of dore, but they may occur in the coming days and weeks if certain government-required shutdowns and border restrictions occur,” the mining company stated in press release.
Newmont has withdrawn its 2020 guidance.
For the first quarter, Newmont expects to produce about 1.4 million attributable gold oz. and about 325,000 co-product gold equivalent ounces.
Newmont produced 981,000 attributable gold oz. and 227,000 co-product gold equivalent oz. between Jan. 1 and Feb. 29.
As of Dec. 31, Newmont had US$2.2 billion in consolidated cash and more than US$5 billion of liquidity.
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