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The mining industry is expected to witness growth with a single digit CAGR over the next six
years on account of the further expanding demand for metal and mineral commodities. Latin
America accounted for about 8% of the global mining equipment demand in 2013 and its
contribution towards global mining equipment sales was registered at 15% for the same year.
The region serves as the prime destination for mining exploration and investment at a global
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The key reason which has accelerated the growth of the Latin American mining equipment
market is the enhanced demand for the consumption of natural resources. Presently, the region
produces about 45% of the global copper, 21% of the global zinc, 50% of the global silver and
26% of the global molybdenum production. In addition, foreign investment, especially from
China, US, Canada and Australia, plays a significant role in the growth of the Latin American
mining equipment market. Further, other operations such as the Panama Stock Operation (PSO),
CSR activities, and introduction of next generation mining equipment such as Autonomous
Haulage System (AHS) also serve as driving factors for the growth of the mining equipment
market in Latin America. Among these, CSR activities primarily focus on rehabilitation and
support programmers, promotion of healthy lifestyle and awareness programs for the adoption
of green technology.
However, in the past few years, the mining industry and hence the mining equipment industry
has been facing an economic crisis on account of the requirement...