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Australian miners have reduced overhead by $2 billion and laid off nearly 10,000 miners over the last couple of months, according to a report by R2Mining and CostMine.
“The majority of the Australian mining industry has found that it is no longer profitable to invest in the current economical climate,” writes the report authors, Shahriar Shafiee and Nick Abbate.
The main factors threatening the Australian mining industry are the fall in mineral commodity prices over the last 12 months, the uncertainties created around the mining and carbon taxes, an increasing royalty rate, a strong Australian dollar, and slowing of China’s economic growth.
Therefore with the no improvement in commodity prices expected in the short-term, Australian mining companies have to reduce overhead and operating costs as well as non-essential expenditures in order to keep mining project assets in positive value.
CostMine and R2Mining tabulated major changes to Australian mining projects
7 Comments
Mahesh G Pimpramule
Job Cut is not only the solution…
Brendan
Red Hill and Saraji East were not approved projects to begin with. Those 7400 jobs were never cut, they just weren’t created to begin with. What an incredibly misleading article.
Phil
I have come to the conclusion that you are within your own microcosm of economics.
Mike Turner
Hopefully, Anglo’s new Grovenor project should take up about 40% of the slack, provided the timing is right.
nvgs
You forgot FMG 1000jobs in September this year
Phil
OK So it is what it is…….but enlighten me Folks, why would 27 people thus far ‘like’ the loss of 10000 jobs?? What Am I Missing??????????
miket
What does the last line mean ??