Lundin Mining will manage its operations on a case-by-case basis as the COVID-19 crisis evolves, but for the time being it has reported no material impact to concentrate production and shipments.
In a statement, the company—which produces nickel, copper, zinc, and gold—advised it is preparing for a prolonged period of depressed primary metal prices and, as a result, will explore cost-cutting measures and defer discretionary capital and exploration expenditures. Furthermore, Lundin could scuttle non-essential projects. Earlier this month, the company suspended operations at Neves Corvo in Portugal.
The company added, it is in a strong financial position with $95mn in net debt and $390mn in on-hand cash.
The Canadian base metals miner has also implemented a work from home policy for a portion of its workforce, while enhancing hygiene and sanitary practices in areas congregated by those who aren’t working remotely. The company has quarantined employees and contractors who have had incidental contact with infected people for 14 days. Additionally, all company offices and operations are under travel restrictions and monitoring, which includes health screenings.