Just like many industries around the globe, the Latin America mining market experienced a challenging 2020. Regional gold production fell by nearly 771,000 ounces from the prior year, with some countries experiencing a decline of more than 30%.
As the world begins recovering from the COVID-19 pandemic, Latin America anticipates a rebound in 2021. According to an article on mining.com, Fitch Solutions predicts that growth will vary from country to country. Nations such as Peru and Chile expect to benefit from copper experiencing a seven-year high. New projects delayed due to COVID-19 in Ecuador and Panama are forecast to begin operations, fueling a strong 2021.
A report from the Brazilian Mining Institute (IBRAM) provides hard evidence of the rebound. The association indicates that 2021 first-quarter revenue increased by 95% versus the same period in 2020 in South America’s largest country. The group also estimates the volume of projects in Brazil will lead to an investment of $38 billion between 2021 and 2025, demonstrating further proof of the future growth of the mining sector in that country.
Industrial Info Resources (IIR) reports that Mexico expects to see several new investments in gold and silver mining projects in 2021. Increased demand for batteries used in electric vehicles worldwide is igniting investment in new mining projects to extract lead, zinc ore and lithium, which are principal drivers of COVID-19 economic recovery.
Regardless of the situation, John Crane is here to serve the mining industry’s needs. For companies in areas anticipating growth, our sites in the region are operating in accordance with recommended health guidelines and doing their best to ensure worker and public safety. Local production and service centers are equipped to supply the mining market with the products and repairs needed to meet growing demand. Technicians and engineers are available to troubleshoot problems that delay production. For areas forecasting further difficulties, John Crane offers products and engineering solutions that aid in cost control and the conservation of natural resources.
John Crane provides innovative sealing solutions and engineering support regardless of required customer parameters. Whether it be uncovering cost-cutting solutions, eliminating environmental hazards or keeping rotating equipment operational, our team is prepared to assist. Learn how John Crane can support your mining operation.
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Mining Hotspots for 2021 in Latin America Report
S&P Global Market Intelligence
Brazilian Mining Institute (IBRAM)