Desjardins published its review of PDAC 2009 today. They diplomatically label it a “less wild party” (you saw the photos sent in yesterday by people that don’t have to wear suits and speak prettily, yeah?) and bulletpoint the first page with:
• Industry sees a ‘difficult year ahead’ with a lack of available financing and no new major base metal discoveries
• Review of 4Q08 results released so far; most companies in ‘reasonable’ financial condition at the end of 2008, but metal prices have fallen further so far this year
• Rate of production cutbacks continues to outstrip rise in inventories
Finally, let me point out that I have no idea where you might be able to get a copy of this client-only report and read it yourself, but if you’re lucky enough to find one it’s a worthwhile good read.