Mining has played an essential role in the global industrial revolution as minerals from deep within the earth are needed to develop equipment and tools, which in turn enable advances in technology. While current mining operations depend on the volume of mineral deposits, an increase in the demand for materials like iron will continue to drive growth in the sector, as Frik Els reports for Mining.com:
On Thursday benchmark Northern China 62% Fe imports retreated slightly to trade at $95.60 a tonne for a 2% gain in July following a positive June that broke a six-month losing streak for the commodity.
After near universal bearishness about the outlook some are calling for a move back above $100. And in short order.
… “Iron ore prices are lifting in part due to a pickup in demand from China. We expect this to continue and for iron ore prices to head above $100 a ton in the near future.”
Canadian mining companies welcome the increased demand from China and other countries that need precious metals like iron to sustain economic development and market expansion goals. While this development may substantially improve the bottom line of many players in the mining sector, the news also poses a challenge for mining companies in terms of meeting schedules set by clients and delivering orders on time. For these reasons, Canadian miners need to use quality wear resistant castings to keep equipment like crushers, grizzlies, and chute liners in peak working condition.
Mining operations can be hampered when equipment fails due to the high frictions and stress caused by moving large volumes of ore to meet production requirements. Companies can benefit from the use of sturdy heat resistant castings that dependable mining equipment suppliers such as Wabi Iron & Steel Corp. develop and produce.
The quality of wear resistant components primarily used in the conveyance of extracted material directly impact a mining company’s ability to improve its production capacity and meet additional demand from clients. By acquiring metal castings of the best caliber, Canadian mining firms are better able to meet their production goals.
(Source: Iron ore price bulls are back, Mining.com, August 1, 2014)