It looks like WRM has done the right thing by going into Latin America with the Bellavista Gold project in Costa Rica. According to the article in the Vancouver Sun, most of the mining money over the next several years is going into Latin America.
Previous work at Bellavista has demonstrated a total resource of 37,392,000 tonnes grading 1.63 grams gold per tonne containing 1,958,000 ounces.
Lion's share of mining money destined for Latin America
Rod Nutt, Sun Business Reporter
The Vancouver Sun
About $34 billion US will be spent over the next three years on new mines and mine-expansion projects by the world's metals mining companies, according to a survey by the U.K.-based Mining Journal.
Just over 40 per cent, or about $14 billion US, is earmarked for Latin America, followed by North America with just under 17 per cent. Australasia, Africa and Asia will each account for about 14 per cent while Europe will receive little new investment.
Countries that formed the former Soviet Union -- a potential treasure trove of minerals -- are not attracting much mining investment, an indication of the difficulties of doing business in states such as Kazakhstan.
Placer Dome of Vancouver is still waiting for its refundable deposit of $35 million US after a mine development fell through in Kazakhstan.
One of the biggest developments is the Voisey's Bay nickel-cobalt project, discovered by Vancouver-based Diamond Fields International, in Labrador.
Voisey's Bay, which will cost in excess of $1 billion US to develop, was acquired last year by Inco Ltd. of Toronto.
Placer Dome will also be a big spender over the next few years, including development of the $600-million US Las Cristinas gold mine in Venezuela.
The Mining Journal said planned expenditures have increased by about 80 per cent since its last survey 30 months ago.
It also points out that gold, which accounts for nearly one-quarter of planned total spending, or nearly $8 billion US, will almost certainly not reach the target as weak precious metals prices cause the cancellation of a number of projects.
Copper will remain robust, accounting for 54 per cent of spending, or $18.5 billion US.
Nickel spending, which is in third place place after copper and gold, will absorb 13 per cent of total expenditures.
In the past 30 months, the number of projects expected to cost more than $500 million US has doubled, accounting for almost $20 billion US or 57 per cent of the total. |
