Canadian Mining Projects Keep North American Metals & Minerals Industry Project Spending Index in Growth Mode

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Researched by Industrial Info Resources (Sugar Land, Texas)--As the second largest Industry for growth in North America after Oil & Gas Production for project spending based on the value of construction starts in 2008, the Metals & Minerals Industry is one of a handful of industries keeping the North American Project Spending Index in the positive growth mode this year. The Metals & Minerals Industry is experiencing 45.81% growth based on the value of projects that have already begun construction or are scheduled to begin construction during 2008. About $42 billion worth of projects fall into this category in 2008 compared with $29 billion in 2007. For related information on the North American Project Spending Index, see October 8, 2008, news article - North American Industrial Project Index Slows to 8% Growth.

Click on the image at right for a breakdown of 2008 project starts in the Metals & Minerals Industry.

This growth can be attributed predominantly to the large amount of mining projects that have begun construction this year in Canada. The Metals & Minerals Industry in Canada is experiencing growth of 271.36% this year with about $22 billion worth of project work. Canada's growth is outpacing declines in the U.S. where growth has declined 9.17% in 2008 as well as in Mexico, which is experiencing a 41.45% decline in project starts. (Reference: Metals & Minerals Spending Index)

Some of the mining projects under way this year include diamonds, oil sands, and potash. Potash Corporation of Saskatchewan (NYSE:POT) (Saskatoon, Saskatchewan) began site work on a $1 billion potash mine expansion in Cory, Saskatchewan. AMEC Americas Limited (Saskatoon, Saskatchewan) is providing engineering and construction services for the project. Diavik Diamond Mines Incorporated (Yellowknife, Northwest Territories), which is 60% owned by Rio Tinto (NYSE:RTP) (London), has started site work for the $787 million second-phase underground expansion of mining near Lac de Gras. Other projects getting under way this year include a couple of multibillion-dollar oil sands mines in Alberta.

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