Mining Industry Could Be Sent in for Another Dig; Some Say the Mining Boom Is over, but There Could Be More Demand over the Horizon, Writes Owen Jacques
THIS is not a boom or a bust. The Australian mining industry is too complicated for that now.
For 10 years, extraordinary Chinese consumption has delivered national growth scarcely imaginable previously.
But with so much said of resources saving this country from economic oblivion, when the big money slowed, fear took its place.
In August BHP Billiton shelved its $14.7 billion Olympic Dam copper mine expansion in South Australia after mothballing two costly coal mines in Central Queensland earlier in the year.
Xstrata has hinted its $6 billion coal mine planned for Queensland's Wandoan could be next.
Every other operator is publicly throwing around ambitious plans to cut costs as workers face cancelled contracts or redundancies.
However, tidings of bad news do not mean the country's resources sector has sounded its death knell.
For those digging up the goods in those gilded years, the money being made was astonishing.
Huge profit margins were celebrated through mundane statements delivered to …
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Publication information: Article title: Mining Industry Could Be Sent in for Another Dig; Some Say the Mining Boom Is over, but There Could Be More Demand over the Horizon, Writes Owen Jacques. Contributors: Not available. Newspaper title: Sunshine Coast Daily (Maroochydore, Australia). Publication date: December 8, 2012. Page number: Not available. © 2009 APN Newspapers Pty Ltd. COPYRIGHT 2012 Gale Group.
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