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The need for commodities is “as solid as a rock”

by Michael Allan McCrae | February 27, 2014 | Reprinted by permission of MINING.com

 

While the head of the International Council on Mining and Metals doesn’t believe anyone will see the big run-up in metals we did a few years ago, the miners should be optimistic about the economy.

“While there are not fantastic times ahead, there are very positive signals in the world economy,” said Dr. Anthony Hodge, who spoke to MINING.com in Vancouver at Roundup 2014.

“The growth projections for China are solid at 7% to 7.5%, although we may see a shrinkage in the early part of 2014, but it’s almost guaranteed that it will pop back up and China will meet those targets.”

Hodge expects 3% growth from the U.S. and middling growth from Europe. Put it all together, Hodge says the economy going forward is impressive and that stronger economy will propel commodities.

“The need for those commodities [is] as solid as a rock: population is growing, urbanization is continuing. The signals for the future are very, very good.”

Hodge is particularly impressed with Africa, pointing to the sub-Sahara, which he says is really perking along.

“Africans are taking a hold of their own future. It’s a change of spirit as much as anything. They understand they can do it, and they are doing it.

“There is tremendous possibility there, and that is where the excitement stems from.”

Reprinted by permission of MINING.com

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