Austrade encourages junior miners to invest in Latin America
SYDNEY (miningweekly.com) – The Australian government’s trade, investment and education promotion arm, Austrade, has urged junior miners to get involved in Latin America.
Speaking at the second day of the Paydirt Latin America Downunder conference, Austrade CEO Bruce Gosper noted that while some 200 Australian junior miners were active in Africa, only about 50 Australian miners were investing in Latin America.
“We have plenty of room to grow,” he told delegates on Thursday.
He pointed out that Australia and several Latin American countries shared similar meteorological conditions and had a resource-rich history.
“We share a long history of mineral extraction and processing and Australia is one of the world’s leading mining nations, not just because of our natural resource endowments, which are vast, but also because of how we have developed them.”
Gosper noted that Australian mining companies spent some A$4-billion a year on research and development initiatives, growing the country’s expertise along the mining production chain, from exploration to production, mineral processing and environmental remediation.
He said these initiatives could be shared with Latin American countries, noting that Austrade would be introducing Australia’s water technologies – developed with the aim of supplying water to mining operations in arid areas – to Mexico during the next year.
Gosper implied that the Latin American markets could prove profitable for miners, noting that Brazil was the world’s seventh-largest economy and that Mexico was expected to be the tenth-largest economy by 2018. Colombia, Peru and Chile were also forging new links to the world, he said.
During 2012, Latin American countries accounted for some 12% of global investment, with the resources sector taking up more than a quarter of that.
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