Friday, May 4th, 2007...5:19 pm
Thinking of a Career? Consider Geology
Surprising fact: there is a shortage of geologists for companies that do exploration and mining of natural resources like gold, silver, and oil. According to precious metals expert Jim Willie CB:
Don Lindsay, CEO of Teck Cominco, paints a bleak labor picture… Lindsay traced the origins of the labor shortage back to 1997. According to him, the feeder systems were disrupted by the Bre-X scandal, the Asian Meltdown, and the commodity bear market. He expects demand to remain robust from China. Keep in mind that over two thirds of geologists in the world hail from Canadian schools. So if professional shortages exist in Canada, we have a very large problem indeed. Mirroring the crude oil roughneck labor shortage is the mining labor shortage. Another parallel exists. Lindsay points out that within a decade, 60% of all Canadian scientists working the geosciences will be at least 65 years of age. The overall impact is surely that new mine deposits will take longer to find, longer to produce, and cost more.
This is great news if you’re willing to pursue a career in geology. Many of the leaders of mining and exploration companies had their start as a geologist. If you love the outdoors and believe in work that really creates wealth, consider geology.
For investing, the shortage in skilled labor for mining means lower production in the future, and that means that prices of commodities are going to face even more pressure to go up. This is a great time to be heavily invested in gold and silver bullion, energy stocks, precious metals stocks, and uranium stocks like Dennison Mines (DNN) or my favorite, Abaddon Consolidated Resources (ABNAF.pk or ABN on the Vancouver exchange).