According to the "Daily Telegraph" reported, the Australian Federal Resources Minister Martin Ferguson mining giant Fortescue Metals Group and BHP Billiton announced that comment said, about a year and a half ago, the price of iron ore per ton $ 180 after cutting investment, and now everytons, only 90 Australian dollars. Australia need to expand the volume of exports of mineral products, mineral prices brought about by the record of the kind of easy access to the profits of the now defunct.
It was reported that the investment in Fortescue Metals Group decreased $ 1.6 billion, BHP Billiton put aside $ 2.8 billion worth of expansion projects.
Fortescue Metals Group CEO, Powell said, the speed of China's economic growth slowed more than expected lead their companies to cut investment. He said, they saw the steel market supply surplus, and also see that the people have lost confidence in the short-term the Chinese steel market.
China's manufacturing slowdown has lasted 10 months, reaching its lowest level in three years. However, despite the slowdown of the Chinese market, mining investment in this financial year will reach 119 billion Australian dollars.
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