Coronavirus Damps Upbeat Mood Among Miners As Financing Dries Up
- Bloomberg industrial metals gauge sags as the outbreak spreads
- Annual mining conference attendance down 11% on virus fears
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A gathering of prospectors and mine developers in Toronto began with an upbeat mood, despite the spreading coronavirus. By the time it ended, reality set in, with signs of financing drying up.
The Bloomberg Industrial Metals Subindex Total Return has tumbled more than 10% since mid-January as the virus outbreak spread globally, disrupting the global supply chain and dimming demand outlook for raw materials.