A mining boom where mining companies don’t want to invest? A crucial trading partner that’s cutting demand? You’ll find it all Down Under.
From The Australian
Rio Tinto will continue to cut costs at its Australian mining business and faces a “complex and volatile” operating environment for the foreseeable future, a senior executive said today.
The global miner also anticipates a long-term reduction in demand for raw materials from China as its economy matures, said David Peever, Rio Tinto’s Australian managing director..
In a similar vein, BHP says it won’t guarantee that it will ever build the $30 billion Olympic Dam project that was delayed a few months ago.
The Australian dollar will benefit from investment inflow for the next 3-6 months but when the turn comes, it will be dramatic and long lasting.
