SINGAPORE (Feb 1): Gold is an asset class traditionally seen by investors as a safe haven in times of uncertainty. In a twist of luck, CNMC Goldmine Holdings, which was enjoying steady earnings growth earlier in line with rising gold prices, has been hit by the Wuhan virus in an indirect way.
The company said in a Jan 31 statement that its gold mining activities at its flagship Sokor gold field in Kelantan will be disrupted.
This is because more than half of the crew of its 51%-owned subsidiary CNMC Mining Sdn Bhd are from China’s Hubei province, ground zero of this outbreak. CNMC Mining had commenced underground mining at the Sokor gold field in the third quarter of 2019.
