FM announces relief measures of about 6tn for MSMEs!

Relief equivalent to 10% of India’s GDP aiming आत्मनिर्भर भारत!

Update 2: Hon’ble Prime Minister Shri Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores - equivalent to 10% of India’s GDP. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Reliant India Movement. He also outlined five pillars of AtmaNirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand.

During the press conference here, Union Minister of Finance & Corporate Affairs Nirmala Sitharaman said in her opening remarks that Prime Minister Shri Narendra Modi had laid out a comprehensive vision in his address to the Nation yesterday. She further said that after spending considerable time, the Prime Minister has himself ensured that inputs obtained from widespread consultation form a part of economic package in fight against Covid-19.

FM announces relief measures of about 6tn for MSMEs!

Relief measures for MSMEs, NBFCs, HFCs & more!

Update 3: Nirmala Sitharaman said that after spending considerable time, the Prime Minister has himself ensured that inputs obtained from widespread consultation form a part of economic package in fight against Covid-19.  Essentially, the goal is to build a self-reliant India that is why the Economic Package is called Aatma Nirbhar Bharat Abhiyaan.

Premier Begins gold Exploration

Premier Gold announces the commencement of the 2020 exploration drill program at the Company’s 100%-owned McCoy-Cove Project located along the Battle Mountain Trend in Nevada. Exploration will focus on high-priority targets located in close proximity to the Cove deposit.

“With grades in excess of 11.0 g/t Au, the Cove deposit is one of the highest-grade undeveloped gold deposits in the United States with resources over 1 million ounces”, stated Ewan Downie, President and CEO of Premier. “We see the potential for further discoveries on the large land package that has seen historic production of more than 3.3 million ounces of gold and 100 million ounces of silver”.

2020 Production Outlook of Yamana Gold

Yamana herein provides its updated 2020 production outlook & says; the Company has revised total gold, silver and gold equivalent ounce (“GEO”) production expectations for 2020 as a result of the impact of COVID-19. Gold has had an exceptionally strong performance as a hedge against risk and the current negative interest rate yield environment, in relation to silver price, which has significantly increased the GEO ratios observed in the market, vis-à-vis initial guidance.

Consequently, this increase in GEO ratio, which results in silver production being accounted for as less ounces in gold equivalent terms, has an impact to GEO guidance that is disproportionate to the impact experienced in gold and silver production because of COVID-19. The remainder of the change is attributable to the impact of COVID-19, in relation to the temporary suspension of operations, ramp up and resulting changes to the mine plans for the remainder of the year.

The expected production shortfall from original guidance to revised guidance is approximately 8%, excluding the aforementioned GEO impact. The revised production guidance at Cerro Moro and Canadian Malartic in relation to initial guidance coincides with the number of weeks that those operations have been either in suspension of operations or gradual resumption of operations, as compared to the number of weeks in the year of normal operations.

The Company does not currently anticipate any changes to guidance for 2021 or 2022. The Company notes that despite the revised production expectations for 2020, gross margins are expected to benefit from the stronger than budgeted gold prices and the positive impact of foreign exchange on the cost structure of the Company, partly offset by lower silver prices.

Actual production for the year ended December 31, 2019 includes comparative operations, which comprise those mines in the Company's portfolio as of December 31, 2019. The Company notes that it guides on GEO production and costs based on a particular assumption of gold and silver prices.

The Company looks at production within a range of +/- 3%, and the guidance values noted below reflect the mid-point of this production range for the 2020 period. While the Company normally provides a smaller guidance range, the Company has increased the range this year given the uncertainties presented by COVID-19.

The Company previously guided that 46% of production would occur in the first half of the year, which it expected to be approximately evenly split between the first and second quarters based on the GEO ratio forecast in its original production guidance. Production in the first quarter achieved this target.

Due to the impact of COVID-19, the Company now expects the resumption of normal operations in the second half of the year, with the new production percentage in the second half to be 55% of total annual production.

The following table presents mine-by-mine production results for 2019, original guidance and revised expectations for 2020.

At Jacobina, guidance is being increased to 168,000 ounces of gold from 162,000 ounces due to strong operational results. The operation met the Phase 1 optimization objective of stabilizing plant throughput at 6,500 tonnes per day ("tpd") in the first quarter, which is a full quarter ahead of schedule.

The Company has completed the Phase 2 pre-feasibility study, which would increase throughput to between 7,500 and 8,500 tpd. Preliminary results point to a total capital cost of $57.0 million, of which $35.0 million is related to the processing plant, $14.0 million for underground mining and $8.0 million for infrastructure.

If implemented, it is expected that the Phase 2 expansion would ramp up annual gold production to 230,000 ounces and reduce operating costs with a positive impact on cash flow at Jacobina. The additional production from Phase 2 is not included in guidance. A more complete disclosure on the project and PFS will follow in May, along with the publishing of a 43 - 101 report.

At El Peñón, the change in guidance is entirely attributable to the change in the GEO ratio, as gold and silver production guidance has not changed. The increase in production guidance at Jacobina offsets this impact.

Four factors impact production and guidance for the mines that were put into temporary suspension of operations.

The following graphs depict a reconciliation of the change in guided production at Cerro Moro and Canadian Malartic, the two operations so impacted, which have since begun the gradual resumption towards full mining activities.

These factors are as follows, 1: GEO Ratio - A change in the GEO ratio from that initially guided. Due to the relative over-performance of gold price to silver price, silver production is accounted for as fewer ounces in gold equivalent terms. This reconciling item does not in itself change gold or silver production. Without the COVID-19 impact detailed below, previous gold and silver production would remain unaffected.

2: Temporary Suspension - The impact of nil or reduced production from the temporary suspension of operations during the period from March to April. 3: Ramp-up - The impact of reduced production during the second quarter, in relation to the progressive return of employees and remobilization during the planned ramp-up period at operations that were temporarily suspended, as well as the impact of certain social distancing guidelines.

4: Change in Mine Plan - The impact of mine sequencing changes due to delays associated with COVID-19, which pushed some of the originally guided production for this year, mostly planned for the fourth quarter, into later periods. 5: The following reconciles the current production guidance to production guidance provided earlier this year for Cerro Moro.

Opportunity about Zambian emeralds

Gemfields, Kagem Mining Ltd, Zambia, talks more about Zambia scenario. As virtual life steams ahead while the world rides out the Covid-19 pandemic, gemstone aficionados have the opportunity to enroll in online courses to learn more about Zambia's emeralds from the experts.

Responsibly sourced emeralds from the Lufwanyama-based Kagem mine - which is 25% owned by the Zambian government through the Industrial Development Corporation (IDC), in partnership with London-based Gemfields - are among those featured in some of the courses.

A sigh of relief as Maharashtra allows Export

Uddhav Thackeray’s landmark decisions for GJ Export

Maharashtra State Chief Minister Shri Uddhav Thackeray yesterday in his meeting with the cabinet ministers approved an important appeal made by the gems and jewellery exports fraternity to start operations in Mumbai. The State CM approved operations of designated gems and jewellery export units at Bharat Diamond Bourse and SEEPZ, which are India’s largest and world’s renowned jewellery export zones.

A world will be different in PostCovid-19

At the juncture of more than four months and counting Amit Eytan, Malca-Amit Group of Companies said at WDC, The view from Tel Aviv and around the world! My last trip abroad was in January. It was to the United States, where I visited New York City and Miami. I remember watching the TV news and hearing about an unusual flu-like virus that had been detected in Wuhan, and later talking about it with my staff in the Far East. At the time, I recall thinking: “Another SARS, far away in China. Just ignore it, stick to your agenda and it will go away soon.”

EXIM adopts code of business conduct and ethics

The Export-Import Bank of the United States (EXIM) published a new Code of Business Conduct and Ethics, which outlines the enhanced standards, intended to guide employees as they help the agency fulfill its mission of supporting U.S. jobs by facilitating the export of Made in the USA goods and services.

The Code is a compilation that references existing EXIM policies as well as applicable laws and regulations. It explains the goals and expectations for the conduct of directors, officers, and employees of EXIM, and it provides clear principles for ethical decision-making and conduct. It is effective as of April 14, 2020.

HRD announces design contest!

Registration 20th May 2020

HRD Antwerp announces the launch of the 17th edition of the HRD Awards, the world’s leading design contest in creative and innovative diamond and gemstone jewellery. HRD Antwerp will organize the HRD Design Awards from 11th May to 14th June 2020 via an online module, with a theme that will be an inspiration for others in the current global crisis.

Zip necklace of Van Cleef & Arpels

A masterpiece of ingenuity, the Zip necklace is one of Van Cleef & Arpels’ boldest creations. An emblematic creation by Van Cleef & Arpels, the Zip necklace was created in 1950. Representing the influence of couture in the creative world of the Maison, it also illustrates its taste for innovative, transformable pieces.

A Van Cleef & Arpels’ avant-garde creation, the Zip necklace was inspired by the zip fastener. The latter was first used for aviator jackets and sailors’ uniforms, before being appropriated by Haute Couture in the 1930s. It was then that the Duchess of Windsor suggested to Renée Puissant, the Maison’s Artistic Director, that a piece of jewelry could reinterpret this technology.