Digging For Optimism in Africa Mining
While Africa’s mining industry has faced challenges and international factors, there is optimism that this sector will rebound, shippers and EPCs agreed at Breakbulk Africa round table Wednesday.
African mining companies and the engineering, procurement and construction management companies that service them have felt the effect of commodity slumps, lower prices, shrinking investments and protracted labor unrest.
Panelist Murray Mcnab, global director of mining and mine development at WorleyParsons explained that there are 50,000 identified mining opportunities in Africa. For example, there have been an upswing in mining for fertilizer and copper in Africa, which require bulk transport.
Mining cycles are driven by supply and demand, he added, expecting the slump will ease in anywhere from 18 months to three years.
The panel also highlighted challenges in supply and procurement. This includes the fact that mining houses want the lowest possible price. The speakers advised that companies should relook at designs of plants in order to reduce logistics costs to improve their chances of landing contracts. They also need to find ways to improve security when moving commodities in Africa.
The panel agreed that there is a demand for closer partnerships among key players in the mining sector to exploit export opportunities given current exchange rates.
Photo: Breakbulk Africa 2016 exhibit hall prepares to open.
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