The world’s two largest iron-ore exporters Brazil and Australia will each add about 100 million metric tons of supply through the end of the decade, boosting a global glut and hurting prices in a slump that will then force marginal miners to cut output, according to Citigroup Inc.
The equipment maker is currently spending most of its R&D budget in its digital area, which aims to help miners reduce the amount of machinery needed at operations.
Duterte's government has also ordered a stop to small-scale mining operations working outside the country's mining co-operatives system, a decision that touches gold miners.
Peru’s significant copper project pipeline and Brazil’s competitive iron ore sector will consolidate them as main drivers of investment in Latin America’s mining sector, says BMI Research.
Prices for the steel-making ingredient are down by 9.8% over a month ago and most of the massive projects expected to come on stream this year are not producing at full steam yet.