Newspaper article The Morning Bulletin (Rockhampton, Australia)

Peak Has Gone but Industry Will Go On

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Peak Has Gone but Industry Will Go On

Article excerpt

THIS mining boom isn't over, but the peak has come and gone.

CQUniversity's Professor of Regional Development Economics John Rolfe says recent announcements by coal companies, including delaying projects, closing sites earlier than planned and job cuts, would continue.

C[pounds sterling]It's actually falling quickly. Quicker than I expected,C[yen] he said.

C[pounds sterling]I'm hearing companies are looking at shedding staff.C[yen]

Prof Rolfe said one place had 2000 contractors whose contracts were about to end and he'd heard a lot wouldn't be renewed.

C[pounds sterling]The companies everywhere are starting to cut back,C[yen] Prof Rolfe said.

C[pounds sterling]As soon as the coal prices come down, they start to feel the pinch.C[yen]

Prof Rolfe said the carbon tax and the minerals resource rent tax wouldn't have influenced BHP Billiton's decision to review the Olympic Dam project in South Australia. However, the taxes would have played a part in the decision to delay the Peak Downs Mine, part of the Caval Ridge project. …

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