DYNAMIQ IN THE NEWS: MINING INDABA DIARY: DAY 1
MINING INDABA DIARY: DAY 1
04 February 2014
Cape Town Capers
Day 1 at Mining Indaba proved to be a great day. After a morning spent shopping for clothes to replace the ones lost/stolen en route from Australia (thank god for our corporate travel Insurance through AHI) I finally made it to the conference on a stunning Cape Town day.
The conference centre was a multi-cultural Mecca of mining with much of the talk focusing on the gold price, the price of labour and the effects of resource nationalism on labour prices. Any one in nickel had a smile on their dials given the situation in Indonesia. Junior explorers are doing the rain dance for an extension by three years to the current Indonesian stance on nickel exports, but the truly happy ones were the current producers who are enjoying the spoils as we speak!
Best dressed for the conference was the Total team whilst the stand out display awards went to 3M with their reflector stand on high alert!!
James Turks' speech on the gold price was a highlight. His thoughts on Africa leading the way in gold was well received by an audience hanging on gold price increases (including yours truly). His premise was that the financial bubble or money bubble is about to burst and that traditional commodities in gold and silver will be the safe haven. Given Africa is the largest producer of gold, this presents a unique opportunity for Africa.
Either way, this hasn't yet converted to real dollars for a lot of the junior miners seeking their chunk of the current budget bubble. The question that is hanging over all our heads is, if the money bubble does burst, where will the money come from to fund the requisite investment in gold, to lift the industry out of the current doldrums?
If Indaba can solve this, we'll have some very happy attendees!
Overall, Day one at Indaba was one of cautious optimism. Let's see how day two shapes up!!
Grant Chisnall, Director, DynamiqBack to all news