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ANALYSIS | INDUSTRY SECTORS


KEY PROJECTS


more project cargo business going out to tender. GDP growth across Asia – China and India in particular – Africa and Latin America brought about increased demand for mined resources. Between 2010 and 2014 we saw huge


projects come to the fore. Ivanhoe Mines and Rio Tinto accelerated plans to develop the Oyu Tolgoi copper-gold complex in southern Mongolia, which was estimated to cost USD5.8 billion when it came online in 2012. In 2011 we reported that BHP


Billiton and Rio Tinto planned to invest USD2.6 billion and USD1.4 billion, respectively, over three years to enhance production at Chile’s Escondida copper mine. Rio Tinto also announced a USD3.4 billion investment to expand its Pilbara iron ore operations in Western Australia. At that time, frontier markets such as Mozambique and Tanzania drew large-scale investment, as did


Kazakhstan, Russia and other CIS countries. 2013 proved to be a great year for the sector but it was once again pegged back come 2014 as mining giants aimed to shore up their balance sheets. Projects decreased in size and complexity, again driven by an inability to raise finance and the perceived risk of developing large-scale greenfield projects. Speaking at the time, Duncan Irvin, who was then global director, mining sector, industrial projects group at DHL Global Forwarding, said: “In terms of new projects, mining companies are currently tending to go more with brownfield developments rather than greenfield projects. So, whereas if you go back three or four years there were a number of mega projects of USD2 or 3 billion, today the projects tend to be on a smaller scale of maybe USD100 million.”


Over the past ten years, there have been a multitude of large capital projects, within various industries, that have provided work for the specialised transportation industry. Some of the largest and most memorable are mentioned here:


• Gorgon LNG (Australia) • RAPID refinery (Malaysia) • Yamal LNG (Russia) • Block Island offshore wind farm (USA)


• Tengizchevroil (TCO) oil/gas project (Caspian Sea)


• Three Gorges Dam (China) • Panama Canal expansion project


• Ichthys LNG project (Australia) • Saudi Arabian rail and metro line projects


• Shah Deniz gas field (Caspian) • Hinkley Point C nuclear power station (UK)


• Hong Kong-Zhuhai-Macau bridge (China)


• South-North Water Transfer project (China)


• Kashagan offshore oil field project (Caspian Sea)


• Pluto LNG (Australia) • Libra oil field development – Santos Basin (Brazil)


• Coral South FLNG project (Mozambique)


• Al Maktoum International Airport (UAE)


• Horns Rev 1/2/3 offshore wind farms (Denmark)


• Eagle Ford shale project (USA) • Marcellus shale (USA) • Athabasca oil sands (Canada) • Chuquicamata mine (Chile)


AFRICAN POTENTIAL


The African continent’s potential for development is vast. Booming population is ramping up demands for power and infrastructure, while it benefits from some of the largest reserves of natural resources on the planet. Developments in southern Africa are not related to country-


specific ‘stimulus’ activities. Rather, infrastructure investment is being driven by resource exploration, energy needs and partnerships between developing countries – China, in particular. Chinese companies of all sizes and across many sectors have


brought capital investment and managerial know-how, accelerating the development of African economies. Today, an estimated 10,000 Chinese-owned firms have established a presence in Africa. China’s large state-owned enterprises have a


68 | HLPFI10


strong presence in sectors such as energy and infrastructure. Speaking in May 2017, Pietro Salini, chief executive of


infrastructure developer Salini Impregilo, said that Africa continues to require widespread investment in infrastructure if it is to realise its vast economic potential. The continent’s population, for example, is expected to rise from 1 billion (2010) to 3 billion by 2050. Salini said: “Infrastructure contributes to the creation of jobs


and local skills, not only technical but also managerial. It is a factor applied to every growth model. “But there is also a need for financial instruments to make the


construction of infrastructure possible, instruments that have up until now been missing. These could be in the form of a system of guarantees that encourages private investors to put money in the continent.”


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