The mining industry is expected to grow at its fastest pace since 2012, according to a report released by a global investment research firm on Wednesday.
The report, titled The Mining Boom, said the world’s largest mines are forecast to employ around 4 million workers by 2020, with an average of around 1.2 million per month, the largest growth rate since the 2008-09 financial crisis.
Key points:The report says the mining industry will see annual gross domestic product growth of 2.6% by 2020The report said the industry is forecast to hire around 4.6 million workersby 2020The industry’s gross domestic value grew by 0.3% in 2016, but is expected growth of 3.2% by 2019The report found mining accounted for $2.6 trillion in gross domestic output in 2016 compared with $2 trillion in 2010, when mining was the sector’s largest source of economic activity.
The growth rate has been slower than many of the industries listed in the report, with the mining sector accounting for only a small portion of global output.
The industry will also need to expand to meet a range of challenges, including a shortage of skilled workers, an ageing workforce, a shrinking population, increased competition from cheaper Chinese imports and rising carbon emissions.
The world’s fastest-growing mining sector in terms of output is Australia’s Goldfields, which saw a 3.6 per cent annual growth rate in 2016.
However, the sector saw its share of global GDP fall by 0