Lumina Gold secures improved Ecuador terms with Cangrejos mining permit, analyst says
The contract includes $25 million in advance royalty payments to the government split into four stages.
Caterpillar (NYSE:CAT), the world’s largest maker of mining and construction equipment, said Monday low oil prices will create short-term pain for his company in 2015, but not as much as the slowdown in mining has had in recent years.
Speaking to CNBC’s “Squawk Box” on Monday, chief executive officer Doug Oberhelman said that while the mining industry is definitely “bouncing off the bottom,” ultimately economic growth is what drives everything.
“Economic growth has been slow and that’s been the real cause of a lot of the lack of growth for many of us,” he said.
The Peoria, Illinois-based firm’s sales have dropped by about $10 billion since 2012, mainly due to lower sales to mining companies, suffering from a decline in commodity prices.
Oberhelman appeared on CNBC ahead of ringing the opening bell on the New York Stock Exchange to mark the CAT’s 85 years as a publicly traded company. You can watch the interview here:
