Top miners in good position to weather covid-19 – report

By MINING

The global Top 40 mining companies are so far weathering the
covid-19 storm mostly unscathed, but the longer-term impacts remain uncertain and ongoing disruption is likely, according to PwC’s Mine 2020 report.

The International Monetary Fund (IMF) predicts a 3% contraction in the global economy for 2020, but sees the mining sector in good condition on the back of a solid financial performance in 2019 and prudent capital expenditure.

PwC’s forecast for 2020 suggests the biggest companies will take a hit to EBITDA of approximately 6%. This follows strong financial performance in 2019, with revenue up 4% to $692-billion from the previous year, largely owing to higher commodity prices.

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