The Globe and Mail reports in its Tuesday, March 24, edition that the gold mining industry is slowly contracting amid the spread of COVID-19. The Globe's Niall McGee writes that while not suffering anywhere close to the catastrophic damage the retail or airline sectors are facing, gold miners are still experiencing a slow burn downward, as restrictions on the movement of people grow, and supply chain problems start to pop up.
Over the past 48 hours Newmont, B2Gold, Lundin Gold, Kirkland Lake Gold, have announced either full or partial mine shutdowns because of the growing threat of COVID-19 in North and South America.
That comes on top of similar announcements last week from the likes of New Gold, Yamana Gold, Pan American Silver, SSR Mining and Kinross Gold. Scotia Capital analyst Trevor Turnbull says, "These announcements could be the tip of the iceberg in terms of further disrupts to 2020 forecasts."
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