S&P puts Minsur on watch

S&P said it placed its ratings for Minsur SA on CreditWatch with negative implications, citing severe restrictions enacted to limit the spread of Covid-19.

Minsur suspended temporarily all its mining activities by government order, including the Marcobre project for at least 15 days. As a result, the company will keep the minimum necessary personnel to ensure environmental care and safety of its mining units, as well as the sustainability of its operations. “Therefore, we believe that the effects on Minsur's credit metrics are currently uncertain, mainly because it's not yet clear for how long restrictions will remain in place,” S&P said in a press release.

S&P said it plans to resolve the placement once it has more clarity on the effect of Covid-19 on Minsur and its parent’s operations.

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