Live blogging from the Vancouver Resource Investment Conference – Day Two
Vancouver Resource Investment Conference is still busy on day two. Event organizers say there are more attendees and more booths.
Workshop Various Australian Companies and Analysts – 1 p.m.
Daniel Cruz, Senior Investment advisor at Cannacord Securities
- Australia leads Canada in trends. If Australia is doing well, expect the same trend to pick up for Canada 3 to 4 months later.
- Olympic Dam is the most profitable mine in the world. "No other mine comes close."
- Posco is the third largest steelmaker in the world. It is a Korean company. Due to lack of resources, they have been agressive in Australia and have invested $1.6 billion in iron ore assets in the last found days.
- Cruz says that this bodes well for iron ore assets in Canada.
Frank Holmes vs. Gordon G Chang
China's economic outlook has been growing questionable due to intimation of a possible housing bubble. Holmes is a bull on China and Chang is a bear. The two speakers face off in a debate moderated by Joe Weisenthal, deputy editor at Business Insider.
China is the number one producer of gold and a large consumer of the metal. What happens in the country has huge consequence for the mining industry.
- Chang argues that the economy is closed.It is hard to invest in the coutry.
- Chang says that the China's demographics are working against it. It will peak next year and start becoming older.
- Chang says exports are faltering due to problems in Europe. Nearly half the wealthy in China want to leave. The insiders want out.
- Holmes counters that he has heard several stories over and over for years that China is over.
- The country will make mistakes, like any emerging country, but it will power through.