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Mining Sector Outlook for 2011
Business News Americas, Nov 2010, Pages: 22
As 2010 comes to a close, a certain level of volatility continues to rule the financial markets and, in turn, metals prices despite what most believe to be strong underlying fundamentals, a situation characteristic of 2010 in general. Cautious optimism continues to describe market sentiment.
But, despite the volatility, forecasts regarding the global physical refined copper market couldn’t paint a clearer picture: Merrill Lynch projects a 450,000t deficit for 2011 while the International Copper Study Group (ICSG) projects a deficit of 435,000tm. The latest ICSG 2010 copper market numbers show a seasonally adjusted deficit of 121,000t for January-August, apparently indicating a major shift from the group’s October forecast of a 200,000t deficit in 2010.
In 2011, Latin America will continue to be a top destination for mining investment by both foreign and locally-owned firms. While challenges certainly exist in all countries - from social license to uncertain regulation, environmental questions to energy - the region's quality deposits combined with an increasingly aggressive investor appetite will keep the sector moving forward.
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Minería: Tendencias 2011 (Spanish Version)
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