- Newmont (NYSE:NEM +11.5%) says it will ramp down operations at its Yanacocha gold mine in Peru, after the government imposed a 15-day national quarantine to stop the spread of coronavirus.
- Newmont says Yanacocha has been operating normally YTD, but the uncertain duration of the coronavirus-related restrictions means the company is unable to determine the ultimate impact on production and costs for 2020.
- Yanacocha, a joint venture between Newmont, Minas Buenaventura (NYSE:BVN +6.6%) and the International Finance Corporation, represents ~3% of Newmont's 2020 attributable gold production outlook.
- Freeport McMoRan (NYSE:FCX -0.2%) says it is temporarily placing its 53%-owned Cerro Verde copper facility in Peru to care and maintenance for 15 days to comply with the Peruvian Government's Supreme Decree
- Cerro Verde produced 1B lbs. of copper concentrate and 29M lbs. of molybdenum in 2019.
- Also, Anglo American (OTCQX:AAUKF, OTCPK:AAUKY) says it is slowing down work and has withdrawn most of its employees at its Quellaveco copper project.
- ETFs: JJCTF, NYSEARCA:COPX, NYSEARCA:CPER, NYSEARCA:JJC