Worldwide Mining Projects Exceed $1.5 Trillion, an Industrial Info News Alert
SUGAR LAND, TX -- (Marketwired) -- 04/08/13 -- Written by John Egan
for Industrial Info Resources (Sugar Land, Texas) -- Global demand
for mined resources, including coal, iron, copper, gold and aluminum
(via bauxite), has spiked over the past 10 years, driving a worldwide
mining boom. Resource-rich countries, including Australia, Brazil,
Canada, China, Peru, Russia and South Africa, have benefited from
growing capital expenditures aimed at developing mining projects.
Countries like China and India are investing worldwide to secure
resources that will feed growing domestic demand. Toward the end of
2012, demand began to taper off in some markets, leading major mining
firms, including BHP Billiton (NYSE:BHP) and Rio Tinto plc (NYSE:RIO)
to cut back production and capital spending, effectively ending the
mining boom. Capital expenditures continue to decline in 2013.
However, the bow wave of mining projects that have kicked off over
the past three years will push actual capital spending in 2013 higher
than 2012. At the same time, many mining firms are putting off new
project construction, so construction starts are expected to decline
in 2013, leading to a reduction in actual spending for 2014. Peabody
Energy has slashed 2013 capital expenditure plans 50% to between $450
million and $550 million, in order to pay off debt.
While the short-term prospects for mining project development remain
volatile, the long-term prospects for the industry are bright as
growing urbanization in developing nations will continue to boost
demand for mined products.
Globally, Industrial Info is tracking just less than 5,000 mining
projects totaling $1.5 trillion. Industrial Info has just released
the Global Mining Industry Outlook, which provides a comprehensive
analysis of project spending and trends in the mining sector. For
immediate access to the Outlook click on the link to purchase online
or contact Industrial Info at 1-800-762-3361.
Industrial Info Resources (IIR), with global headquarters in Sugar
Land, Texas, and eight offices outside of North America, is the
leading provider of global market intelligence specializing in the
industrial process, heavy manufacturing and energy markets.
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Reporting Principle(TM), provides up-to-the-minute intelligence on
what's happening now, while constantly keeping track of future
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