Boston, MA -- (SBWIRE) -- 07/11/2012 -- Greece's worsening economic conditions over the past five years will continue to have an adverse effect on its mining industry. Greece is one of the leading producers of bentonite and perlite in the world. Other key minerals in the country include bauxite, nickel and gold. Greek mining production volumes of (coal, nickel, bauxite, perlite and bentonite) is expected to decline by 3.2% in 2012. Mining production volume shrank by -6.62% during the review period (2007-2011), although it is projected to grow at a CAGR of 2.52% over the forecast period (2012-2016). The current decline in production volumes is mainly due to the recession that has affected the country during the review period. The production of coal and bauxite declined during 2010-2011, and this decline is expected to continue in 2012. However, the production of nickel, perlite and bentonite registered a positive growth during the same period, and is projected to continue growing over the forecast period. Coal production volume fell during the review period, although it is projected to grow at a CAGR of 1.14% over the forecast period. Coal is primarily used for power generation in Greece. During the review period, the demand for power in Greece declined as the country's industrial activity slowed due to poor economic conditions.

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Key Highlights

- According to the OECD, the Greek economy is expected to contract by 5.3% in 2012 and by 1.3% in 2013. The poor economic conditions in the country are expected to have an adverse effect on the mining industry.
- Mining production output is projected to fall further until the second half of 2013, when the rate of fiscal consolidation is likely to slightly ease, the impact of structural reforms to enhance competitiveness and encourage investment starts to be noticed, and international demand for minerals strengthens. As a result, the Greek mining industry will only start recovering from the second half of 2013 onwards.
- Greek mining industry growth has traditionally been driven by exports, and this tradition is expected to continue over the forecast period.
- Greece is the largest producer of perlite in the world, and a significant part of the country's perlite production is exported.
- Coal production volume registered a CAGR of -7.15% during the review period, but is projected to grow at a CAGR of 1.14% over the forecast period.
- The Greek perlite mining sub-category is concentrated, as S&B Industrial Minerals SA dominates perlite production.

Scope

This report provides a comprehensive analysis of the Greek mining industry:

- It provides historical values for the Greek mining industry for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of production, consumption, imports and exports of key minerals in terms of volume as well as value

Companies Mentioned in this Report: S&B Industrial Minerals SA, Otavi Minen Hellas SA, Bouras Co., Mediterranean Bentonite Co. SA, Mykobar Mining Co. SA, Larco General Mining & Metallurgical Company SA, Delphi-Distomon SA, Elefsis Bauxite Mines SA., Public Power Corporation (PPC)

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