Is the Australian mining bubble about to burst?
This week it was announced that Australia’s GDP growth has fallen in the second quarter compared to the first. Which has our learned friends raising serious questions about the state of the economy. As we know our mining industry is very reliant on China and unfortunately at the moment Chinas economy is not looking too rosy, with a significant slowdown in China’s current growth and further indications that it will slow further.
In turn this has affected our most precious export commodity; Iron ore… which has taken a dive to $86 per tonne which is half of what is was a year ago. Also this week FMG shares shed $1.4 Billion off the share market over a 2 day period, causing them to announce they are deferring investments and laying off workers.
http://www.bandura.com.au/is-the-australian-mining-bubble-about-to-burst
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Tuesday, September 11, 2012
Is the Aussie mining bubble about to burst...
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