State of the Market: Nordic mining in a global context
Professor Magnus Ericsson, Director & Co-founder, Raw Materials Group
Mining On Top: Helsinki
16-17 September 2013 | Helsinki
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State of the Market: Nordic mining in a global context - Magnus Ericsson, RMG
1. State of the Market:
Nordic mining
in a
global context
Thoriumdrawing:KaiandersSempler.
Magnus Ericsson
Mining on Top Helsinki, 16/17th September 2013
4. Special properties of metals
• High strength
• Affordable cost
• Conduct heat and electricity
• Beautiful
• Undestructable
Source: T. Graedel, Yale University.
5. Copper use and urbanisation
Source: ICSG, Raw Materials Group.
Indonesia
Pakistan
Philippines
Switzerland
Thailand
Zambia
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 10 100 1000 10000
Urbanisation
Population (m)
Series13
China
India
USA
Germany
Sth Korea
Japan
Brazil
Chile
Russia
UK
Malaysia
World
Population million
Urbanisation
6. Growth assumptions 2012-21
061030 Anton Löf
2012 2015 2015-2021
World 2.0 4.4 4.7
United States 3.6 4.0 4.0
EU -0.9 3.5 4.0
Japan -1.0 2.0 3.0
Other advanced economies 2.5 4.5 4.5
China 7.9 6.0 6.0
India 0.7 6.5 6.5
Brazil -3.2 3.0 3.5
Other emerging and developing
economies 2.7 6.0 6.5
Russia 2.6 3.5 3.5
7. Manganese drawing: Kaianders Sempler.
Background
• Metals cannot be replaced.
• Extended period of growth.
• China/Asia still major engines.
• Infrastructure & personal use.
• Supply constraints increase.
14. Total ore production
061030 Anton Löf
0
5000
10000
15000
20000
25000
2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021
Mt
Other
Gold
Copper
Iron ore
Met coal
Thermal
coal
15. Ore production
Neodymium drawing: Kaianders Sempler.
• Metal ores 2012 11 Mt.
• Total incl. coal 2012 18 Mt.
• 2000-2012: 100 % increase.
• 2020 growth slow down.
18. Capex
Tungsten drawing: Kaianders Sempler.
• Steep decline 2014.
• Rebounce already in 2015?
• Top twenty companies ~ 50%.
• Fe/Cu/Au > 85 % of total.
• Latin America, North America
growing.
• Australia stable, Africa?
• Long term slow growth,
not reach 2012 this decade.
29. Nordic
countries
Copper drawing: Kaianders Sempler.
• Leading metals miners.
• Continental coal mining
not to be overlooked.
• Exploration decline.
• R&D leading EIP.
• Investment activities high.
• Increasing difficulties.
30. Rare esrths drawing: Kaianders Sempler.
Conclusions
• Demand continues but
slower growth pace.
• Supply constraints
increasing.
• Prices remains high.
• Capex bottoms out 2014.
• Nordic countries:
• Dominates metals.
• But including coal,
small actors.
• Increasing obstacles.
• Joint government action
necessary.
31. Copper drawing: Kaianders Sempler.
Raw Materials Group
Magnus Ericsson
PO Box 3127
SE-169 03 Solna
Tel: +46-8-744 00 65
E-mail: magnus.ericsson@rmg.se
www.intierrarmg.se
Kiitos/Tack/Thank you !
32. Elements drawings: Kaianders Sempler.
Elements first isolated by Finnish and
Swedish chemists and metallurgists in
the 18/19th century.
33. Raw Materials Group
• Part of the IntierraRMG group since 2012.
• 30 years industry leadership in data, mapping,
analysis and reporting.
• IntierraLive and Raw Materials Data.
• Strategy development:
– Mining companies, equipment & service.
• Mineral policy, investment promotion:
– Governments, International organisations.
• Pre-feasibility/Feasibility studies:
– Financial institutions, companies.