Greatest Mining Show in the World Kicks Off in Las Vegas

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). A surprise videotaped message from President George W. Bush officially kicked off the 2004 MINExpo this morning at the Las Vegas Convention Center in Las Vegas, Nevada. In a brief message, the president emphasized mining’s important contributions to the manufacturing economy. Nowhere is this more prevalent than in Nevada. The state is the world’s third-largest gold producer, and mining is the number one manufacturing industry in the state.

The opening ribbon-cutting ceremony included messages from Nevada Governor, Kenny Quinn, and National Mining Association (NMA) President, Jack Gerard.

Click on the image at right to view the Photo, courtesy of NMA

The MINExpo is sponsored by the NMA and its members. The NMA was formed in 1995 as a merger between two leading American mining associations, the American Mining Congress, and the National Coal Association, both of which were formed in the early 1900s.

In its 69th year, the MINExpo is attracting over 1,200 exhibitors on 460,000 square feet of floor space. Of the more than 35,000 attendees, 20% are international, reflecting the growing demand for mining equipment, globally.

In the state-of-the-industry press conference following the grand opening ceremony, Mr. Gerard went on to say that both economic and industry trends have improved immensely for the mining industry. This sentiment was reiterated by Bill Tate, President and CEO of DBT American, and John Hanson of Joy Global, Incorporated, both suppliers of coal mining equipment, which are in some cases having trouble keeping up with orders going to countries such as China and India. China is forecasted to undergo 9% annualized growth in coming years.

U.S. Gross Domestic Product (GDP) is not nearly as spectacular as China's, but it has been steady this year and could see a 3.2-3.5% increase in 2005.

John Brinzo, CEO of Cleveland-Cliffs, Incorporated, stated that iron ore prices are up 20% this year, due mainly to increased domestic steel production. In fact, we should see a 4.5% increase in steel production this year. “I haven’t seen better economics for the iron and steel industry since the early 1970’s,” stated Mr. Brinzo.

Due to increasing electricity demand, coal production is up, as well. The U.S. is expected to produce 1.015 billion tons of coal in 2004, and is forecasted to increase up to 1.030 billion tons in 2005.