This article was provided by the Ontario Mining Association (OMA), an organization that was established in 1920 to represent the mining industry of the province.
Ontario Mining Association Chairman George Flumerfelt is featured in the January 2009 issue of the Canadian Mining Journal. “Keeping Pace With Reality” is the headline on his article in the magazine. Mr. Flumerfelt, who is President of JS Redpath, took over as Chairman of the OMA in June 2008.
In the article, he catalogues some of the initiatives being carried out by the OMA to help its members get through the current rough patch and lay the groundwork for the foundations of future growth and development. “There is no doubt the current downturn in prices has come upon us more suddenly that those of years past,” he said “Also, when coupled with the world credit crunch and all the talk of global recession, government bailouts of banks and formerly stable household name companies, the situation seems to be more serious this time.”
“Hopefully, with all the stimuli being applied by countries around the globe, the mining industry will start to recover before too long,” Mr. Flumerfelt added. “One thing we do know for sure is that recovery will come as companies and individuals adjust to the current market realities.” And on an optimistic note, he said “We need to remember that demand for mineral commodities will return and inevitably better pricing will follow. It is hard to believe that 2009 is going to be a great year but there is some hope for price recovery in 2010.”