According to a new survey, mines in Latin America are more likely to increase spending than any other region over the next 12 months.

Timetric’s Mining Intelligence Center (MIC) researched 630 mine managers to outline their planned changes, compared to the prior year, in expenditure on site for the next year. The participators were asked to choose from choices of ‘significant increase’, ‘slight increase’, ‘stay the same’, ‘slight reduction’ or ‘significant reduction’.

The survey found out that 16 percent of respondents in Latin American chose ‘significant increase’ in their investment for the coming year, with 10 percent in Africa, nine percent in Asia, four percent in Europe and Australia, and only three percent in North America.

Combined with the number of operating mines in each region undergoing expansion, results from the survey were analyzed thoroughly.

MIC found that compared with Africa (13 percent), Asia (seven percent) and North America (two percent), Latin America had the second-highest share of operating mines currently in expansion with 15 percent.

Nez Guevara, Senior Mining Analyst at Timetric’s MIC says, “Latin America has a higher share of mines planning substantial increase in their spending within the next year than any other region, and OEMs and their resellers need to ensure they are close to the customer to benefit from these additional investments with the final decisions regarding equipment purchases being mainly decided at the mine site level.”

The survey is based on Timetric’s report -- Purchasing Trends and Intentions for Mining Equipment, Parts and Consumables in Latin America, 2015. More than 51 percent of survey respondents were decision-makers currently working operating mines.

Earlier this month, Timetric released its report and found out the majority of 100 key decision-makers who are the respondents in the survey at mines throughout Chile, Peru and Brazil were unsatisfied with their OEMs.

“Timetric’s research demonstrates the current mindset of mining companies in Latin America and the importance placed on minimizing costs throughout the business,” said Guevara.

“This includes costs associated with the maintenance and servicing of heavy mining equipment. Mining companies have showed their dissatisfaction with these costs and have implied plans to switch OEMs within the next five years.”