Vancouver—The mining industry is expected to perform more poorly in the second half of 2012 than the first, according to an industry report out of Vancouver.
Compiled by The Mining Recruitment Group, Ltd., the international report found only 22 per cent of the 140 mining executives surveyed felt the mining sector would perform better in the second half of the year, with 41 per cent suggesting it will likely perform worse.
A staggering 63 per cent of respondents felt the industry will perform the same or worse over the next 12 months as it did in the last.
Though the short term outlook is bleak, there was a marked difference in perspectives over a three year period.
82 per cent of respondents felt strongly about the strength of the industry over this time frame, with five per cent bearish and the remaining 14 per cent taking a neutral stance.
When asked to predict when market conditions would take a turn for the better, 56 per cent of respondents felt it take until the first quarter of 2013 or beyond to develop any sort of real traction.
38 per cent of respondents, however, are optimistic that the fourth quarter of 2012 will be when things start to turn around.