Amid the stock market doom and gloom, mining predictions remain good. When could we last make comments like that?

US coal production in 2008 will be near the record set in 2006, defying a slowing economy, said the National Mining Association (NMA) in its annual forecast for coal.  NMA also forecast record demand in 2008 for America’s coal reserves, the world’s largest, and projected continued strong demand for minerals and metals mined in the USA. 

The 1.16 billion short tons (1,052 Mt) of production NMA forecasts for 2008 tops the 1.147 billion short tons mined in 2007 and is just 2 million short tons shy of the 2006 production record. NMA’s forecast for coal is based on projections reported from the association’s member companies.

Based on a variety of public and private forecasts, NMA anticipates increased production from US minerals and metals mining owing to continuing demand in China and to a lesser extent in India and other developing economies. This is despite an increase in global production capacity for most metals and minerals in the past two years. 

Copper production in the US is expected to grow slowly in 2008 from the 1.25 Mt mined in 2007, the highest level since 2001. Global demand for refined copper is forecast to rise by 5.9% this year, following 5.2% growth in 2007.  Copper production worldwide is expected to balance demand in 2008 due to increases in capacity primarily outside the US.

Gold mining production is again expected to be strong throughout the world in 2008, driven by a combination of factors, including political unrest, financial instability, growing fears of inflation and a weak dollar, that favour gold as an investment. Mine production increased on a global basis in 2007, and most analysts expect modest gains in 2008. The US Geological Survey estimates that gold production totaled 248 t in 2006. Given data through September, gold production in 2007 should be at the same level. “Production in the US in 2008 will be flat with some small upside potential,” the NMA predicts. Read more…

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If all the hot air generated on climate change and the best course for future energy supplies were able to be harnessed then we would have no worries about future energy supplies. Coming from a perceived position of weakness (because the unenlightened still believe coal to be ‘dirty’) the coal industry talks some of the greatest sense.

Last week in the US, National Mining Association (NMA) President and CEO Kraig R. Naasz spoke at a major energy forum in Washington, D.C., to emphasize that the US Congress can best help mitigate climate change by embracing a strategy that accelerates the development and use of advanced technologies capable of effectively reducing greenhouse gas (GHG) emissions. Read more…