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The outlook for the global economy, infrastructure development and mining is not as dismal as many might believe.

“people talk about doom and gloom, but it isn’t all that doomy and gloomy. We can talk ourselves into corners by saying things are pretty bad,” Deloitte global mining leader Phil Hopwood recently cautioned.”I’d say that you’ve got to focus on the long-term fundamentals and I am optimistic”

Despite the volatile global economy, the positive drivers for metals and mineral consumption had remained in place over the long term, particularly based on developing-world economies that had growing rates of urbanization. China was important in this regard, although Hopwood also highlighted countries such as India, Indonesia, Mexico and Brazil.

By 2030, it was estimated that 9% of the world’s population would live in 41 megacities, while the level of global urbanization was expected to reach 66% by 2050, according to the United Nations.

Chinese steel output had been an interesting indicator. Output of crude steel was reported up in August, increasing 1.7% month-on-month to stand at almost 67-million metric tones, according to the Chinese National Bureau of Statistics.

The evolution of large-scale industrial projects, including mines, would prove to be another driver for infrastructure and, throuth this, commodities uptake. For example, mines of the future were expected to move away from diesel use in favour of renewables like wind power and would have a need for battery storage.

• [Editor:Juan]