As the spread of COVID-19 accelerates, threatening lives and leaving large portions of the world’s economy shut, deals and operations in the gold mining sector persist.
Endeavour, for example, identified two individuals at mines in two different countries who tested positive for COVID-19 this month, yet has resisted adjusting its production levels. As there are at least 72 confirmed cases in Burkino Faso and at least 9 in Cote D’Ivoire — the two countries where it operates mines — the company has mandated that anyone travelling to its mines from an infected area self-isolate before joining the workforce. But its production levels do not change.
On Monday, Vancouver-based B2Gold Corp. announced it halted its mining operations in the Philippines because government restrictions aimed at stopping the spread of coronavirus caused a temporary fuel shortage. Meanwhile, analysts have suggested that demand for gold, now trading at US$1,536 per ounce, is increasing as investors value its role as a hedge against uncertainty.
Then, in November last year, Semafo experienced a tragic attack on a convoy of its workers in Burkino Faso that left 37 dead and many more wounded. It closed its Boungou mine afterwards and its share price has dropped by half. Then discussions restarted in mid-January, according to de Montessus.
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