COVID-19 has delayed the upturn which was previously expected to start in 2020, causing construction work done to fall or be stunted across the different resource segments. The downturn in demand for commodities, and expected further declines, have caused falls in prices, cash flow concerns and undermined the feasibility of projects, at least temporarily. Despite this, one bright spot is the strong growth in other minerals, driven largely by iron ore projects. Total resources construction is expected to begin to recover in 2021, increasing strongly from the middle of the year, and rising through to a peak in 2022/23.
But the upturn has a limited time frame and the outlook is highly variable among the different resource segments.
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