The global economic turmoil might spell the end for a number of junior miners but it will also present attractive opportunities to established mining operations, it has been claimed.

Speaking to Mineweb, Richard Adkerson, Chief Executive Officer of Freeport McMoran, said that he had no doubt the mining industry would come through the current economic crisis - just as it has come through predicaments in the past.

Indeed, Mr Adkerson, who has also stepped into the shoes of Brad Mills following his resignation as Chairman of the International Council for Mining and Metals (ICMM), believes larger mining companies will actually profit from the imposed austerity.

Speaking at an ICMM reception in London on Wednesday (15th October), Mr Adkerson also intimated that the heads of other significant mining operations were of a similar opinion.

However, not all mining outfits will be left unscathed - and Mineweb suggests the consensus of analysts is that around 50 per cent of junior miners and explorers may be extinct in a year's time.

This will leave only the fittest companies - and they will be in a good place to profit as there will always be demand for mined minerals.

According to the Guardian, fears of recession caused commodity prices to fall on Wednesday (15th October).

Source:

Who will survive? Commodities collapse will take a mighty toll, 16/10/08

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=70867&sn=Detail

Recession fears hit oil, metals, grains, 15/10/08

http://www.guardian.co.uk/business/feedarticle/7876729