Saudi Arabia to visit Brazil and Chile as seeks to diversify mining
The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.
Joy Global (NYSE:JOY) announced a decrease of 29% in bookings, down $745 million from one year ago in its Q2 results.
The mining supplier summarized its Q2:
The company listed woes in copper, iron ore and coal as adversely affecting the business, but says look to the medium-term:
“While global mining markets attempt to establish a trough, concern over end-user demand for commodities and oversupplied markets still persists,” wrote Joy Global.
“Although the expected medium-term recovery and expansion in the mining market may be closer, the near-term austerity measures and asset consolidation in the mining industry continue to adversely affect the business.”
Image by Han Jun Zeng