CA-2010-2010MiningExecutiveForuminReviewWEB

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1、2010MININGEXECUTIVEFORUMINREVIEWOutlookRecoverytakesholdintheglobalminingindustrykpmg.comc

2、SectionorBrochurenameForewordDonaldR.LindsayPresident&CEOTeckResourcesLtd.Itneverceasestoamazemehowquicklyissuescanchangeintheminingindustryandhoweasilyweareabletorollwiththepunches.Foralmostadecade,ourind

3、ustryhasbeendrivenbydemandfromtheinfrastructurebuild-upinAsia.Whenthecommoditiessupercycleappearedtobeunravelling2yearsago,ourconfidenceinshort-tomedium-termprospectsfortheindustrywasputtothetest.Twoyearsago,ataverydifficulttimefortheglobaleconomy,TeckResourcescompleteditsacquisitionofFordingCoal.

4、WewantedFordingmainlybecauseofopportunitiestosellmetallurgicalcoaltotheChinesesteelindustry.TheChinesesteelindustryisalreadyseventimeslargerthantheUSsteelindustryandgrowingbyleapsandbounds.IntheWesternworld,themediastillconditionsustobelievethattheworldeconomyhasproblemsiftheUSeconomyhasproblems

5、.IcantellyoufirsthandthatIhaveseenotherwise;economicgrowththroughoutAsiabarelyflinchedastherecessionravagedsomeoftheworld’stopindustrialcountries.DidthepopulationsinIndiaandChinafeelthefearoffallingmarkets?Absolutely.Newstravelsinstantlyaroundtheglobetoday,butthebottomlineisthatpeopleinAsiawantabe

6、tterlifeandtheyarepreparedtoworkforit.TheydonotcareabouttheUShousingslumporthedebtcrisisinEurope.Itdoesn’taffectthem.Billionsoftheseupwardlymobileworkersrepresentanunstoppableeconomicforce,whichwillcontinuetobeverygoodforourcommodities.Lastyear,ChinaInvestmentCorporationboughta17percentstakeinTe

7、ckResources.It’sawin-winarrangement,butitisalsoexpectedtobethefirstofmanysuchinvestmentsusingChinesesovereigncapital.ItallgoestoshowthattheAsianphenomenonispowerful,fastmoving,andmany-sided.Itwillcontinuetobeabellwetherforourindustry.©2010KPMGLLP,aCanadianlimitedliabilitypartnershipandamemberfirmo

8、ftheKPMGnetworkofindependentmemberfirmsaffiliatedwithKPMGInternationalCooperative(“KPMGInternational”),aSwissentity.Allrightsreserved.2

9、Outlook

10、RecoverytakesholdintheglobalminingindustryIntroductionLeeHodgkinsonCanadianMiningL