Big demand for metals in world market

Business, Normal
Source:

The National, Thursday 01st December 2011

By ANCILLA WRAKUALE
THERE is high demand for metal in the world market, a senior partner with a pioneer equipment and service provider to mining companies said.
Magnus Ericsson of Raw Materials Group said this when speaking about the world’s trend on mineral commodities at the mining and petroleum seminar in Port Moresby.
He said the total value at mine stage for metals since last year had been US$618 billion.
Ericsson said the society and the global industry needed metals.
He said some metals had high value for being good conductors of heat and electricity and for having high strength.
Ericsson said there was demand for metals from infrastructure developers.
He said China, which is now a leading economy and also a major engine in the mining sector, had shown great interest in investing in PNG.
Ericsson said demand for minerals grew with economic development.
He said China and India were the next economies coming into play in the mining sector in the region.
He said the government should consider removing the entry barriers like long permitting process, maintaining political stability and assuring security of tenure for investors.
Ericsson said there was a boom decade ahead for developing countries like PNG and that it should use this window of opportunity to kick start the economy.