Mining industry calls for investment by pension funds

THE Irish Mining and Quarrying Society has backed the construction industry’s call for investment in critical infrastructure by pension funds.

Company president Seán Finlay, said the situation in the quarrying sector was a major concern where output has declined over 60% since 2007.

While the National Development Plan had to be cut sharply Mr Finlay said the society supported “the well publicised initiative of the Construction Industry Council which calls for investment in critical infrastructure by pension funds”.

A recent report by Davy Stockbrokers claimed that despite the boom period “our investment in technological capacity and physical infrastructure is still lacking,” he said.

“The CIC proposals, which are supported by trade unions, represent an opportunity to remedy this deficit,” Mr Finlay said.

Expanding on his views which he delivered in his presidential address to the society recently, Mr Finlay said investment in critical infrastructure projects would be money well spent.

When recovery kicks in the economy will be better equipped to deliver goods and services at a more competitive price.

Whatever the Government can do to boost construction at this sage will add to economic output and boost jobs in a sector that is struggling badly in the post boom environment, he said.