Prices rising - and so shall ETG...Prices rising - and so shall ETG... eventually !
Coastal.
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NP/wire say miners slow to get projects started
The National Post reports in its Thursday edition that a recent boost in spending to build new mines, spurred by economic recovery and a rebound in metals markets, will not head off looming shortages in supply in of many metals. A Reuters dispatch to The Post reports that mining groups such as Rio Tinto and Vale are beginning to reverse some of the heavy cuts in capital spending they made when cash was scarce in the downturn. However, the timelines for many new mines have already been delayed and most operations will not be ready to extract ore by the time world demand ramps back up. Spending on exploration, a key forward indicator for developing new mines, has also declined. "I think there is a great risk that in 2011/12 there will be a shortage of new projects," said Magnus Ericsson of Stockholm-based consultancy Raw Materials Group. "The lack of investment is so serious it could result in another price boom." The situation is most critical in copper, nickel, lead and zinc, he added. The huge Oyu Tolgoi copper-and-gold mine in Mongolia being developed by Rio Tinto and Ivanhoe Mines was expected to be in production by 2007, but the government approved it last month and output now is due in 2013.