Resilience in difficult times

DURING these very difficult times for the global mining industry, the word resilient has a number of appropriate definitions. As a noun resilience is a description for all those who are surviving the tribulations despite poor prices, higher costs, lack of capital, increasing ant-mining sentiment and declining demand while as an adjective resilient defines the capability of companies to keep afloat, or in shape, despite being bent, stretched or deformed. Other words that can be used to describe the qualities of the mining industry and companies battling to stay in front, whether they be exploring, developing, mining, supplying or investing, are determination, innovation and common-sense.

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One step forward and two steps back

As the mining industry struggles to overcome the impact of low metal prices, high capital and operating costs, depressed share markets and severe lack of equity, another government is going down the path of seeking more revenue from mining by way of increased taxation. Just as the Philippines starts to show signs of finally starting to reach its much talked-about mining potential, the government is considering a ‘revenue sharing scheme’ which would equate to a 10% tax on gross revenues or 55% share of the adjusted net mining revenues.

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Long-term Vision Needed

WITH some early signs of a mining industry recovery now is a good time to analyse the downturn and examine what is needed to minimize the impacts of future downturns. These economic dips are, unfortunately, bound to occur in the mining cycle but with effective, long-term planning, the path can be a lot smoother.

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Tough mining lessons for governments

THERE are tough lessons being learned by governments in many Asia Pacific countries which have been changing mining industry regulations to garner more revenue. By and large these changes could not have come at a worse time for an industry suffering from economic forces largely beyond its control – forces that have brought about volatile commodity prices, lack of ability to raise capital for exploration, development or expansion and a lack of investor confidence.

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Sylwia Pryzbyla, Editor

Sylwia Pryzbyla
Editor, ASIA Miner and Australian Editor, E&MJ
[email protected]

Sylwia Pryzbyla has more than two decades of experience in media and publishing industries.

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