BHP’s incoming CEO a much needed breeze of fresh air for the mining industry

The decision caps off a dreadful month for South Australia’s mining sector.

The iron ore price fell again on Thursday losing nearly 6% in four days and falling to a fresh five-and-a-half year low within shouting distance of $60.

The technique, known as biomining, is already being tested here on Earth as a sustainable treatment of ores and mine waste.

The smart money is waiting for fire sale prices before jumping into metals and mining. Or worse; has simply lost interest in the sector.

The firm became the first major mining company to openly accept the toll that slumping commodity prices are taking on the global industry.

Chief Executive Lourenco Goncalves said restructuring proceedings have begun in Montreal and sale options will be explored.

Another slide on Tuesday drops iron ore price 13.4% year to date, but latest forecasts see another double digit dip from current levels.

The central Africa nation may also lose its position as the continent’s top copper producer.

Down 4% to fresh five-and-half year low.