NGOs expose global surge in new met coal mines, expansions
The first-ever Metallurgical Coal Exit List names the companies driving hundreds of new metallurgical coal projects and expansions.
The cost to extract metals is going up at an alarming rate.
Marketwatch reports Mark Cutifani, CEO of AngloGold Ashanti, saying that average operating costs in the global mining industry could double in the next five to ten years:
Mining inflation is running on average 3%-4% above consumer inflation due to the increasing depth of mines of all types, declining ore grades and restrictions on access to new mineral reserves for political and geographical reasons, Cutifani said during an event in Minas Gerais state.
“The market is surging and industry’s unable to deliver,” Cutifani said. “The world’s growing three percent a year, driven largely by Asia, and the mining industry has been left behind.”
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