According to foreign reports, the world's fourth largest iron ore producer Fortescue Metals Group Ltd. (FMG) said Tuesday it will cut operating costs of $ 300,000,000, and will postpone a large iron ore of the Pilbara, Western Australia (Pilbara)development, thus further saving of $ 1.6 billion. In addition, FMG will be the abolition of hundreds of jobs.
FMG chief executive Powell (Nev Power), said iron ore prices would decline far exceeded all expectations, and now we are also worried that time more than originally expected late rebound. Government forecasters warned, iron ore, coal and copper and other industrial commodities, there is space for further price cuts.
Australian mining company to take prompt measures to protect profits, because the major industrial commodity price outlook deteriorated bring the risk to the country's economic resources. Australia's quick to get rid of the financial crisis in 2008, becoming one of the world's fastest growing developed countries, the main reason is that the mining industry. Now, with BHP Billiton, Rio Tinto and FMG companies slashed investment, this status has been at risk. Australia's exports of iron ore is the highest single product, its price in the past two months, fell one-third on Tuesday fell to $ 86.90 per dry ton, the lowest level since October 2009. Coal is an important source of profits for Australia's second largest export products, but also the country's large mining enterprises.
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