CasCan Mining says COVID-19 impact has spread across global mining sector

CasCan Mining’s Chairman today said as the world moves into lockdown to halt the transmission of COVID-19, the uncertainty is taking its toll on the markets.

Online PR News – 01-April-2020 – SANTIAGO CENTRO – After initially benefiting from uncertainty around the virus, gold peaked at US$1,687 per oz, but has now dropped to US$1,475 per oz.

While the impending economic slowdown will likely result in high gold prices, CasCan Mining’s analysts see the high levels of risk and the demand for gold investment is considered as a safe haven. The copper price has sunk to US$2.16 per lb and oil is at US$22.60 per barrel.

CasCan Mining’s Managing Director, Mr. David Maxwell commented on the COVID-19 outbreak saying “With thousands of confirmed cases around the world, even the most optimistic analysts fear we are heading towards a global recession. Several mining companies have been affected by COVID-19 outbreaks, and global restrictions to encourage social distancing have meant some mining projects have either slowed or shut down completely.”

Restrictions put in place by governments to contain or delay the spread of COVID-19 have placed difficulties on mining companies operating in affected countries. Nonetheless, some mining companies are putting on brave faces. Our first priority remains the safety of our people, whom we have taken a number of measures across the business to protect”, added David Maxwell, Managing Director of CasCan Mining.

About Us - CasCan Mining

Since our formation in 2008, CasCan Mining has meticulously grown into shining example of how a successful investment in the South American gold and copper mining industry should be made. Starting with the taking of minor level holdings in some of Chile’s best performing and established multinational operations, while at the same time demonstrating to our respected partners our operational and exploratory skill set, we now find ourselves ideally placed to begin independent operation of our own.

Our focus of operations will continue to be Chile, with that country’s well established gold and copper mining industry receiving over $30 billion in foreign direct investment last year as strong demand from China helped to see average prices for copper stay around $7,245 per ton with gold prices hitting a high of $1,382 per ounce in May. Now as demand once again increases for both gold and copper, we stand poised to fully exploit this in a strategic and profitable manner for our shareholders and partners.

As CasCan Mining grows stronger still we invite you to learn more about the history and day to day operations of one of South America’s leading mineral exploration and mining companies as our continent stands center stage in the world’s market place for mineral commodities. With Chile ramping up investment into its mining industry ahead of expectations of ever higher demand for commodities, we find ourselves engaged in ever bolder expansion efforts across the breadth and scope of our structure.

Over the next twelve months plans that have been on in the pipeline for several years, will be brought to the fore as we like many of our competitors and partners take full advantage of the healthy climate of investment and rich natural resources being more than adequately being provided by South America’s largest mining producer, Chile.