Australia’s mining leaders pessimistic on growth prospects, BHP slow to expand Olympic Dam
93% of Mining Leaders See Extremely Low or Zero Growth Prospect for Industry in Next 1-2 Years; No Immediate Plans by BHP for Olympic Dam Expansion International Business Times, By Vittorio Hernandez | July 29, 2014 “…….Australian miners are pessimistic about the future of the mining industry, which was responsible for the current economic boom of the country, in the next few years. A survey made among 60 mining leaders in the latest Mining Business Outlook report, released Tuesday by Newport Consulting, found that 93 per cent of the executives find prospects for the industry’s growth over the next one to two years extremely low or zero. Twelve months ago, only over 50 per cent had that outlook………
82 per cent said they lack confidence that large-scale projects wouldresume in the next 12 months, but could stretch to at least three to five years for new projects to develop.
This was confirmed by documents filed by mining giant BHP Billiton (ASX: BHP) with the federal Environment Department to secure approval for a trial plant that would test heap-leaching of copper and uranium ores at lower cost as an alternative to previous plans to expand the $30-billion Olympic Dam copper and uranium mine in South Australia shelved in 2012….”
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