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May 19, 2017 (M2 PRESSWIRE via COMTEX) --

Mining is the process of extracting minerals, metals and other valuable materials from the earth crust. Metals and minerals extracted from raw materials are widely used in industries such as agriculture, manufacturing, transportation, utilities, communication, and construction. Sand and gravel, coal and stone are non-metallic products of the mining industry.

Mining activities can be classified broadly into mine operations and mining support activities. These activities generally range from processes which vary from underground or open-pit mining, dredging, quarrying, well operations or evaporation pans, beneficiation activities (preparing, crushing, screening, washing and flotation of the ores) and other preparation work initially performed at the mine site, or as a part of mining activity.

Iron is used in steel manufacturing, magnets, paints, printing inks, plastics and cosmetics. Use of Iron is approximately 20 times greater in volume than any other metal. Copper is widely used by electrical and electronic products manufactures, whereas aluminum is used by packaging, electrical and construction companies. Gold is used in jewelry and dental equipment manufacturing, whereas silver is used in photography and in chemical manufacturing. Zinc is widely used in medicines, whereas coal is used in cement, power and steel companies.

The global mining market declined from $2.1 trillion in 2012 to $1.5 trillion in 2016 at a compound annual growth rate (CAGR) of -7.2%. It is expected to grow from $1.5 trillion in 2016 to $1.6 trillion in 2020 at a compound annual growth rate (CAGR) of 0.7%.

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The key drivers of the forecast growth:

* Emerging Markets Growth

* Reduction In Free Trade

Geographies covered in a descending order:

1. Asia

2. Americas

3. Europe

4. Africa

5. Oceania

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Asia was the largest region in the mining market in 2016, accounting for $565 billion. China, India, Russia, Indonesia and other states of the CIS, dominate mining market in Asia. High demand for raw materials in many developing economies in Asia makes it occupy the highest share of the global mining market.

Major competitors in the market:

1. Glencore.

2. Rio Tinto

3. BHP Billiton.

4. Vale.

5. Anglo American.

The major deal in the mining market was executed by Agnico Eagle Mines Limited which in June 2014 acquired Yamana Gold Inc. 100% of the issued and outstanding common shares of Osisko Mining Corporation (Osisko) for $3.6 billion. Post the acquisition, Agnico Eagle and Yamana each own 50% of Osisko and have formed a joint committee to operate the Canadian Malartic mine in Quebec. The partners will also jointly explore and potentially develop the Kirkland Lake assets, and continue exploration at the Hammond Reef, Pandora, and Wood-Pandora properties.

The key strategy for the players in the mining industry in the forecast period is to adopt IoT technology to eliminate unplanned and unscheduled downtimes.

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