The annual convention of the Prospectors and Developers Association of Canada (PDAC) has concluded this week in Toronto, and the consensus of opinion seems to be that 2011 is going to be a sensational year for the mining industry.
The PDAC convention is the biggest event of its kind in the mining calendar, and attracted record crowds this year—no surprise considering that the price of gold, silver, coal and almost every other mined commodity you can think of is at an all time high.
One of the highlights of the week was the attendance of Chilean delegates after a two year gap—for obvious reasons, of course. Welcome though they undoubtedly were, the Chilean delegates may just have been overshadowed by the three rescue capsules built to rescue the 33 trapped miners last year, which were on display for the first time in North America, early in the week.
The rescue team received a tribute on the Monday of the convention, when Laurence Golborne, Chilean Minister of Mining was presented with a special achievement award as leader of the team.
Although its land mass and population are relatively modest in world terms, Chile has emerged as a leading producer of copper, and is also the world’s major producer of lithium, a mineral in great demand by makers of electrically powered automobiles.
It is said that over half the capital for mining and exploration projects is raised in Toronto, and a good percentage of that must be raised during the week of the PDAC convention. According to reports, global exploration spending is expected to reach a record $14 billion this year, and to continue rising through 2012.
Another hot topic during the week was uranium production. Uranium is on the agenda because experts are predicting a world shortage if new production does not come on stream soon. Over a hundred nuclear reactors are expected to be commissioned over the next decade worldwide, half of them in China, and the current rate of uranium supply will not be enough.
Even if new sources are identified, uranium mining permits can take ten years to obtain.
