Major Australian Mining Companies Feel the Pinch
PERTH, AUSTRALIA--September 24, 2012--Researched by Industrial Info Resources (Perth, Australia)--The combination of the high Australian dollar, falling commodity prices, and ever-increasing cost pressures are finally taking their toll on the "booming" Australian mining sector, with almost all of the major Australian producers announcing some form of cost reduction strategy over the past month. BHP Billiton (NYSE:BHP) (Melbourne, Australia), Rio Tinto Iron Ore (NYSE:RIO) (Melbourne), Fortescue Metals Group (PINK:FSUGY) (Perth), Vale Australia (Brisbane, Australia) and Xstrata Coal (ASX:FMG) (Sydney, Australia) currently seem to be engaging in a race to see who can delay or cancel the most projects and lay off the most workers in the shortest timeframe possible.
