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Newmont, Freeport, Anglo scale down Peruvian projects due to quarantine

  • 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  • Also, Anglo American (OTCQX:AAUKF, OTCPK:AAUKY) says it is slowing down work and has withdrawn most of its employees at its Quellaveco copper project.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

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