Tough Times Not Enough To Deter More Than 2,200 From Northwest Mining Meeting

Amid some of the worst economic conditions that the mining industry has been faced with in more than a decade, the mood among the large crowd at the 114th Annual Northwest Mining Association?s annual meeting was surprisingly upbeat. More than 2,200 attendees showed up at John Asuaga?s Golden Nugget Casino in Reno, NV for the conference held Dec. 1-5. And more than 200 companies exhibited in 240 spaces, including SME and the Minerals Information Institute. The number of attendees and exhibitors were the most for the conference in more than 10 years. The conference was held in Reno/Sparks for just the second time in its illustrious history but began under the cloud of global financial turmoil. Prior to, and during the conference, the industry news headlines were grim, to say the least. An alarming number of mine plans and expansions had been put on hold; hundreds of miners across the United States had been or were in the process of being laid off; commodity prices were falling and some of the biggest mergers in the industry fell through while miners around the world put the brakes on to take a wait-and-see approach. It was a painful time for many, but the downsizing actions taken by many mining companies was exactly what needed to happen, according to Industry Outlook Luncheon featured speaker Frederick Sturm. He is the executive vice president and chief investment strategist and member of Mackenzie?s Investment team. He has earned a reputation as one of Canada?s leading investors in natural-based companies and he also manages the Ivy Global Natural Resource Fund in the United States Sturm said that the mining industry has fallen hard and that he expects it to bounce back quickly, before falling hard again. In these tough times, he said, the companies that have pulled back on production early are doing the right thing in the long run.