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Thread: Australia declares resources boom has peaked

  1. #1
    Join Date
    Sep 2008
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    2,660

    Default Australia declares resources boom has peaked

    Source: http://www.businesstimes.com.sg/brea...eaked-20120823

    CANBERRA/MELBOURNE - Australia declared the top of the resources boom, which had cushioned the country against the global financial crisis, a day after the world's biggest miner BHP Billiton shelved two major expansion plans worth at least US$40 billion.
    One minister went as far as calling the end of the resources boom, but later rowed back to say commodity prices had peaked while investments in multi-billion dollar projects would continue, especially in the energy sector.
    "This construction boom will continue, but the days of record commodity prices are gone," Resources and Energy minister Martin Ferguson told reporters on Thursday.
    "We've done well - A$270 billion (US$282 billion) in investment, the envy of the world. It has got tougher in the last six to twelve months," he said earlier on Australian radio.


    No more 4k per wk salary for miners in Ozzie soon?

  2. #2
    Join Date
    Jul 2012
    Posts
    89

    Default

    Demand from other part of the world has cooled down due to bad economy... once it picks up, aussie mining biz will boom again.

    But I don't know how it can survive another 100 yrs when there is no more mines to dig

  3. #3
    Join Date
    May 2009
    Posts
    1,449

    Default

    Their natural gas is one of the biggest reserve today ...and big pcs of desert yet to explore ... while it could be peaked but still can substained a long tolime to come...

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