Aussie miners see more doom and gloom ahead
A new survey shows 9 out of ten Australian mining execs see few positives over next 12 months.
A survey conducted among 60 private and listed Australian mining company leaders shows confidence in the industry falling to a five year low.
ABC quotes David Hand, MD of Newport Consulting, the authors of the report as saying the industry "could take years to recover":
"There's tough market conditions like low commodity prices and and falling demand and the biggest challenge is productivity.
"And there'll be drastic changes to the industry, especially thermal coal where we'll see more mine closures."
It's not just global market conditions impacting miners, but Hand also blames over-regulation and negative political sentiment in the country for the slump:
"Miners find they're investing in whole buildings full of people to produce [environmental, community and safety] reports for politicians."
Australia's number one export commodity – iron ore – has retreated some 30% in price this year, while both thermal and coking coal prices are trading not far off multi-year lows.