May 18, 2020 / 8:35 PM / 15 days ago

FACTBOX-Global miners rush to rein in spending, output as COVID-19 dents demand

    May 18 (Reuters) - The fallout of the coronavirus outbreak has forced global miners to cut their 2020 capital expenditure by about 19% and copper
production outlook by 8%, according to data compiled by Reuters.
Demand for metals has been hit as the coronavirus spread from China to other parts of the world and forced several nations to shut down much of their
economies to contain the outbreak.

Here are the cuts announced by miners: 
    
 Company                      RIC         Original Capex          Revised Capex            % change  Original production  Revised production   % change
                                          (midpoint; in millions  (midpoint; in millions             guidance (midpoint)  guidance (midpoint)  
                                          of U.S. Dollars)        of U.S. Dollars)                                                             
 Antofagasta Plc*                                          1,500                    1,300   -13.33%                                                    
 Norilsk Nickel (Nornickel)                                2,650                    2,350   -11.32%                                                    
 Norsk Hydro ASA                                             952                      757   -20.48%                                                    
 Sibanye Stillwater**                                        270                      210   -22.22%                                                    
 Anglo American Platinum Ltd                                 386                      330   -14.51%  4.4 mln ounces of    3.35 million ounces   -28.86%
                                                                                                     total platinum       of total PGM         
                                                                                                     group metals (PGM)                        
 Glencore Plc                                              5,500                    4,250   -22.73%  1.3 mln tonnes       1.25 million tonnes    -3.84%
                                                                                                     copper               copper               
 Lundin Mining Corp                                          620                      440   -29.03%  284,000 tonnes       278,500 tonnes         -1.93%
                                                                                                     copper               copper               
 Rio Tinto                                                 7,000                    5,500   -21.43%  550,000 tonnes       497,000 tonnes         -9.63%
                                                                                                     copper               copper               
 Vale SA                                                   5,000                    4,600    -8.00%  400,000 tonnes       370,000 tonnes         -7.50%
                                                                                                     copper               copper               
                                                                                                     347 mln tonnes iron  320 mln tonnes ore     -7.78%
                                                                                                     ore fines            fines                
                                                                                                     205,000 tonnes       187,500 tonnes         -8.53%
                                                                                                     nickel               nickel               
 Freeport-McMoRan Inc                                      2,800                    2,000   -28.57%  1.6 mln tonnes       1.4 mln tonnes        -12.50%
                                                                                                     recoverable copper   recoverable copper   
 Anglo American Plc                                        5,250                    4,250   -19.05%  33 mln carats         26 mln               -21.21%
                                                                                                     diamond              carats diamond       
                                                                                                     2.1 mln ounces       1.6 mln ounces        -23.80%
                                                                                                     platinum             platinum             
                                                                                                     1.4 mln ounces       1.1 mln ounces        -21.42%
                                                                                                     palladium            palladium            
 First Quantum Minerals Ltd                                  850                      675   -20.59%  855,000 tonnes       780,000 tonnes         -8.77%
                                                                                                     copper               copper               
                                                                                                     290,000 ounces gold  260,000 ounces gold   -10.34%
 Total capital expenditure                                32,778                   26,662   -18.66%                                                    
 Total copper production                                                                             4.98 mln tonnes      4.56 mln tonnes        -8.43%
 
Notes:   
*Antofagasta expects 2020 copper production to be at the lower range of 725,000-755,000 tonnes guidance
**Sibanye-Stillwater withdrew its operating forecast for 2020    

 (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
  
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