Coal is here to stay as an energy source but the key to its success is development of low emission technology. Innovation along with the ongoing drive for efficiency and optimisation at exploration, mining, beneficiation and logistics levels will see coal miners survive the current industry downturn.
WITH the short-term outlook for commodities remaining negative there is little likelihood of any relief for the next 12 months, which means more belt tightening, more mine closures and job losses, more financial hardship and more pain.
Economic instability and uncertainty which have characterized the global economy since the financial crisis continue to cast a shadow worldwide, particularly in the mining space. While the US has recovered somewhat, the Eurozone continues to be curtailed by uncertainty and Australia has been hit hard by depressed resources prices, high cost of doing business, over-reliance on mining and lack of capital for exploration, mine development or expansion. Despite the doom and gloom, the global outlook is becoming more optimistic and there are signs that the mining industry may have hit rock bottom.
THE signing of the Oyu Tolgoi (OT) Underground Mine Development and Financing Plan by the Government of Mongolia, Turquoise Hill Resources and Rio Tinto is not only the best news to come from Mongolia for some time … it is a major boost to the global mining industry.