NWMA annual meeting underscores exploration strengths in North America

The current success of the mineral industry in the U.S. would not be possible were it not for the co-operation of Canadian financial institutions, according to Douglas Silver, a mineral economist with Balfour Holdings.

In a speech at the annual meeting of the Northwest Mining Association (NWMA), held here recently, Silver said North American mining companies raised US$7.5 billion, much of which came from Toronto-based financial institutions. Moreover, 60% of these funds remained in North America, earmarked for local projects.

The 102nd annual meeting focused largely on domestic developments, with speakers such as Silver stressing that, while many companies are gravitating to new hot spots around the globe, the North American mining industry remains strong.

“In spite of the popular belief that no one is investing in North American mining, the facts show that 1996 was a very healthy year for the industry,” Silver said, citing an abundance of new discoveries and mine openings as proof.

To illustrate that the U.S. still hosts prospective ground, Silver rattled off a host of new discoveries, including Alta Gold’s Olinghouse gold project in Nevada, AMT International’s Copper Creek copper deposit in Arizona, and Cepeda Minerals’ gold discovery in South Carolina.

He also referred to the significance of new mine openings, including Barrick’s Meikle gold mine in Nevada, Canyon Resources’ Briggs gold mine in California, and Redaurum’s Kelsey Lake diamond mine in Colorado.

In a politically charged speech, William Pendley of the Mountain States Legal Foundation declared that pressure from environmental lobbyists had little effect on the outcome of the recent presidential election. “Special interest groups failed across the board” in their attempts to install candidates, he said.

Also attending the meeting was Moises Chingongo, Angola’s deputy minister of mines and geology, who played up his country’s efforts to lure North American investors by privatizing state-owned interests.