Resource-hungry developing economies such as China and India created a global mining boom that spurred investment in resource-rich countries such as Australia and Chile. However, as demand dropped, some markets became over supplied, commodity prices dropped and mining company layoffs ensued. While the decline is expected to be short term, there is still enough demand to sustain operational mines and replace capacity lost to declining production, leading to continued project spending despite the down-cycle.
At present there are more than 5,500 mining projects worldwide representing $1.5 trillion in total investment value. The top 10 countries for active mining projects by value are Canada, Australia, China, Brazil, Chile, Russia, United States, Peru, South Africa and India. These 10 countries account for 79% of the value of active mining projects around the world.
Source: Industrial Info Resources