Central banks and supranational organizations such as the IMF currently hold 34,000 tonnes of gold.

The firm says it is able to provide partners within the range of $50-$300 million.

The World Gold Council says gold has likely been used to raise cash to cover losses in other asset classes.

Analysts at Fastmarkets believe the extended closures and logistical jams could see supply of base metals produced in the region restricted.

Moody's believes more global, higher-rated mining companies are better able to withstand a market downturn than before.

The aim is to extend Veladero’s life of mine beyond 2030 and elevate it to a tier one asset.

Zinc prices have cratered since peaking in January.

Copper production reached 42,318 tonnes for 2019, a 39% year-on-year increase.