This year, Metso hosted eight investor groups that investment banks had invited to the exhibition. Metso's professionals helped in providing valuable insight regarding our mining offering and the event was a good opportunity for investors to hear about the latest news and trends in the industry. The investor groups consisted of both generalists and industry specialists from all continents.
Metso's theme for the show was uptime and the various means and measures for increasing our customers' profitability. The general discussions with investors were mainly around the sentiment and Metso's positioning in the industry. The view of Metso's mining professionals is that Metso's ability to provide our customers with full-scope services that reduce downtime is a clear advantage and something that our customers appreciate very much. Moreover, the technological innovation that meets the demand for higher energy efficiency and increased performance in a world of poorer ore bodies is also essential. Investors visiting the booth also showed particular interest towards Life Cycle Services and setting up the KPIs for these types of contracts. Digitalization was a hot topic and it was apparent that there is a huge potential in IoT and big data even though companies are still only exploring the possible use of these.
Mining is still a growth business in the long term
Metso's CEO, Matti Kähkönen, was also present at MINExpo 2016. He reconfirmed the fact about the current low demand for new equipment not being sustainable going forward and that mining is still a growth business in the long term. Existing mines will continue to grow and there are good opportunities as more efficient equipment and comprehensive services will be needed by our customers. The quality and scope of services, which comprises around 75% of Metso's mining sales, will become even more important. He pointed out that the possibility of consolidation in the mining sector might increase going forward and that Metso would be interested in evaluating those opportunities when they arise.
The main takeaway from MINExpo 2016 was that sharing our customers' success and concerns is only possible through a local and worldwide presence. Forming relationships that benefit customers also benefits Metso in the long run. MINExpo 2016 is the largest event of the industry, in terms of attendance and exhibitors, and it is an important forum for meeting with clients from all over the world. The growing interest from the investor community shows that the industry remains attractive as an investment case. Metso would be happy to see more investors joining us at similar types of events.