Annual Conference on Investment in African mining (Investing in African Mining Indaba), which is considered one of the largest on the continent, meetings of representatives of mining companies, began Monday in Cape Town, South Africa.
The main theme of the conference in 2017 will be "Effective use of the next wave of growth: How can you invest in mining in Africa to extract long-term profits?".
Organizers of the event said that the discussion will be focused around the study of signs of a rebound in the mining sector, especially in categories such commodities as gold and rare earth metals.
"Governments, investors and mining companies will discuss the development of strategies for investing in African mining beyond the current mining cycle," - said the organizers.
"Currently, the market gives organizations the ability to pay close attention to the way they conduct their business and what they can do to improve the efficiency of operations, and to assess how best to invest in the mining sector, mitigating the associated risks. In addition, the company will be able to define their partnership, which will be crucial for the future of the next few years the development of mining, "- continued the conference organizers.
More than 6,000 professionals from mining companies, investment firms, governments and providers of professional services for the mining industry will attend the four-day event.
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According to a survey on the state of the gold market in the third quarter of 2015, conducted by GFMS, India is the world's leading global consumer for the first nine months of this year. During the reporting period, the consumption of this precious metal in India was 642 tons. Thus, India has surpassed China in this indicator. In China, the consumption of gold reached only 579 tons during the reporting period.
Three months before September 30, 2015, demand for gold in India increased by 5% compared to the same period last year - up to about 193 tons. This is the highest level of gold consumption since March 2011 and the strongest third quarter in this respect since 2008.
Retail demand for gold jumped by 30% compared to the same quarter last year, to 55 tons, The highest value since the fourth quarter of 2013. Growth was due to low gold prices in India, the media reported. The price of gold in India in the third quarter fell to a minimum from August 2011, to 25,000 rupees (about $ 384) for 10 grams.
In addition, according to the report, buyers chose to shop traditional and family retailers instead of large national retail chains against the backdrop of changes in the value of the rupee.
World demand for physical gold, as noted by the authors of the study, increased by 7% year on year in the third quarter. Analysts at GFMS also believe that in the fourth quarter the price of gold will be below $ 110 per ounce, and on average for the year it will be $ 1,159 per ounce.
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