Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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Australia-based mining contracting major Thiess has won a major A$100 million contract with Fortescue Metals Group for Phase One development works on the Solomon Hub iron ore mine in Western Australia’s Pilbara region. The 18 month contract is for initial pioneering and mine establishment works such as haul roads, stockpile pads and the mining of early ore and waste. The work will establish the Solomon area for long term mining operations. Managing Director Bruce Munro, interviewed in the forthcoming October issue of IM, said the contract represents a welcome return to the west for Thiess’ mining business and underlines the importance of Western Australia to Thiess as a whole.
