English | دری

“You’ve got to understand, the resource boom is over”- Australia’s Resources Minister

in International Business

“You’ve got to understand, the resource boom is over”- Australia’s Resources Minister

Martin Ferguson, Australia’s resources minister, has said that the country’s resource boom is over amid slowing global demand and falling commodity prices that have hurt Australian miners.

His comment followed after BHP Billiton reported that it has shelved a planned USD 30bn expansion of its huge Olympic Dam copper mine because of touch commodity markets.

BHP had originally been expected to give the go-ahead to the project in June, but recently flagged it was reviewing all of its major capital spending plans due the slump in commodity prices and rising costs.

That combination led to a slump in annual net profits of a third to US$15.4 bln with prices of most of the commodities supplied by BHP weaker on concerns over a slowdown in demand from China and the Eurozone.

Meanwhile, Senator Penny Wong, has remained optimistic about the future of Australia’s mining sector, saying the country has a lot of investment coming into this country.

“I think the mining boom has still got a long way to run,” said Senator Wong.

Related Articles

India finally lowers key interest rate

The Reserve Bank of India (RBI) has been pressured to lower key interest rate from 8% to 7.75%. The Bank

Qatar pledges $2bn for Egypt’s central bank

Qatar has pledged to deposit $2bn at the Egyptian Central Bank, after a meeting in Cairo on Saturday between President

Bank of Japan boosts stimulus to help revive growth

The Bank of Japan (BOJ) has boosted its key stimulus measure in an attempt to revive growth in the world’s

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.