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General Market Commentary
Canada's Quebec allows mining to resume as an essential service
he government of Quebec is allowing mines to reopen as essential services from Wednesday, but only if they can comply with strict measures to limit the spread of Covid-19.
Mining companies, including Agnico Eagle, Eldorado Gold, Glencore, Iamgold and Yamana Gold, have confirmed that they would either resume operations this week, or analyse options to restart operations.
Yamana and Agnico Eagle jointly own Canadian Malartic, which entered care and maintenance on March 24. Yamana stated that the resumption of mining activity would occur over a period of several weeks, with full attention to the health and safety of returning employees, contractors and suppliers.
Eldorado said that Lamaque, which was idled on March 23, would resume operations on Wednesday. Iamgold would also resume operations at the Westwood gold mine, which was placed on care-and-maintenance on March 25.
Diversified major Glencore said its Raglan nickel mine and its Matagami zinc operation would investigate options to restart before the initial restart date of May 4.
Yamana noted that the Quebec government’s decision to allow for resumption of mining operations was based on the industry’s implementation of best practices in public health, including strict physical distancing protocols that comply with the Quebec Department of Public Health and the province’s Committee on Standards, Equity, and Occupational Safety.
The government’s decision also recognised the importance of mining in the supply of metals contained in many products essential to daily life, including medical devices used in the fight against Covid-19.