The Australian Daily reported that BHP Billiton announced that she would shelve the Olympic Dam expansion project. Energy Minister Ferguson announced that the mining boom has ended.
Ferguson pointed out in an interview with the Australian-Guangzhou this morning: "People must understand that the energy boom is over. We have done a good job. The investment of 270 billion yuan has encouraged the rest of the world, but it has been in the past six months. In one year, the situation began to be a bit difficult.†This is the most severe warning issued by the Energy Minister on the energy industry with a total value of several hundred billion Australian dollars.
Ferguson had issued a warning before this, because China's economy continues to slow down, Australia can no longer count on strong commodity prices to profit, if you want to create income can only expand production capacity.
BHP Billiton, the world’s largest miner, announced that it will abandon the Olympic Dam’s $30 billion expansion plan, which clearly shows that Australia’s resource boom is over. BHP Billiton also announced a 35% drop in profit for the 2011/12 financial year to only 15.4 billion U.S. dollars, which is much lower than the previous fiscal year of 22.46 billion U.S. dollars, but higher than the market forecast of 14.6 billion U.S. dollars. BHP Billiton said that the company will not approve the expansion plan for the copper and shaft ore project in South Australia before December 15, and will seek a lower-cost approach to increase production. In October 2011, BHP Billiton had already paid US$1.2 billion in advance for this project. Originally, the company should approve the project by June 2012. However, as commodity prices began to fall sharply, the company announced that it will not be until December. Approve any large project.
Ferguson pointed out in an interview with the Australian-Guangzhou this morning: "People must understand that the energy boom is over. We have done a good job. The investment of 270 billion yuan has encouraged the rest of the world, but it has been in the past six months. In one year, the situation began to be a bit difficult.†This is the most severe warning issued by the Energy Minister on the energy industry with a total value of several hundred billion Australian dollars.
Ferguson had issued a warning before this, because China's economy continues to slow down, Australia can no longer count on strong commodity prices to profit, if you want to create income can only expand production capacity.
BHP Billiton, the world’s largest miner, announced that it will abandon the Olympic Dam’s $30 billion expansion plan, which clearly shows that Australia’s resource boom is over. BHP Billiton also announced a 35% drop in profit for the 2011/12 financial year to only 15.4 billion U.S. dollars, which is much lower than the previous fiscal year of 22.46 billion U.S. dollars, but higher than the market forecast of 14.6 billion U.S. dollars. BHP Billiton said that the company will not approve the expansion plan for the copper and shaft ore project in South Australia before December 15, and will seek a lower-cost approach to increase production. In October 2011, BHP Billiton had already paid US$1.2 billion in advance for this project. Originally, the company should approve the project by June 2012. However, as commodity prices began to fall sharply, the company announced that it will not be until December. Approve any large project.
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