China forecast to see 22 percent mining growth during the next four years

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The next four years are forecast to see growth of 22 percent for mining equipment in the globe’s second-largest economy, according to a published report.

As China’s economy endures some rough patches, challenges are manifesting that mining consultants are confronting, Mining.com reports. But the next five years will see domestic mining in the Asian nation develop rapidly, according to a report issued late last month. The industry for quarrying equipment manufacturing also will continue growing as well.

The China Mining Equipment Industry 2013-2017 report projects the annual average growth rate will push as high as 22 percent during that time period.

Mining companies are projected to devote resources to technology that will aid with margins that not are being pinched by increased costs for labor and energy. Another factor is prices of commodities are dropping.

The report notes that local manufacturers are poised to emerge as dark horses because of the low costs associated with them.

In 2012, the country’s market for mining and quarrying equipment pushed to $57 billion though the industry was somewhat concentrated. The three biggest provinces for the manufacture of mining equipment – Henan, Liaoning and Shanxi – saw sales income that encompassed slightly more than half of the Asian nation’s total market share.

In excess of 1,400 mining equipment makers were in operation in China by the end of last year, according to the report. Roughly 20 of those makers were large-scale companies while the rest were considered small-to-medium size companies.

The upshot of the report is that the market for the global mining will resume its reliance on circumstances such as growing mining activities in developing nations and increased demand for technically advanced worldwide solutions.

Report Linker notes Henan Province notched 1,511,638.16 tons of production last year, representing growth of more than 24 percent year-on-year.

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