- Write by:
-
Friday, March 27, 2020 - 12:12:42 PM
-
678 Visit
-
Print
Mining News Pro - A South African refinery has stopped shipping gold to London because of a lack of commercial flights, adding to the disruption that’s upending the physical bullion market.
According to Mining News Pro - South Africa’s Rand Refinery Ltd., the continent’s only gold refiner, said it’s exploring back-up plans and alternative measures to be able to meet its delivery commitments to the London gold market.
“The supply from the established mines on the African continent to the refinery is currently disrupted,” said Chief Executive Officer Praveen Baijnath. “We are working hard with global logistics service providers to ensure our inbound and outbound commitments can be achieved.”
He didn’t specify how much gold could be affected. Still, it’s another example of how the supply chain — which runs from deep African mines to refineries and storage vaults — is being upended by the coronavirus. Earlier this week, refineries in Switzerland also announced they would temporarily close.
In one sign of how things have slowed down, shipping Russian gold overseas can now take about a week instead of a day, said Alexey Zaytsev, head of commodities & funding products at Otkritie bank.
The Rand Refinery is running at reduced capacity during a national lockdown, even though the company was exempted from restrictions, said Baijnath.
He said it’s important to keep some processing going because selling gold is an important source of foreign exchange revenue. The facility refines gold for companies including AngloGold Ashanti Ltd. and Gold Fields Ltd., which operate mines throughout Africa.
“A complete shutdown of the refinery would have had a domino effect on the production on the continent,” he said. “Moreover, stockpiling of mined gold on the surface would have heightened security risk for any mine.”
Short Link:
https://www.miningnews.ir/En/News/507242
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...