The prices of commodities is continually soaring high that it gives way to recession. The big question is whether the sudden downturn signifies a relatively short-term pause in growth. Mining businesses have to balance short-term responses with a long-term strategy, weighing the long time-frame needed for major infrastructure projects, such as mine and site development.
New mines will be rare or those with cost over-runs will be carefully examined for potential closure. The mining industry is now fully impacted amid falling demand, reducing commodity prices, high operating and capital costs and falling share prices.
Mining exists in several countries, however, Australia and Canada have a good standing for domestic mining expertise, and London, on the other hand is known as ‘capital global mining houses’. The US mining industry is also great, but, it is dominated by coal and non-metal minerals. In 2007, the total market cap of mining companies was said to be US$962 billion, which compares to a dynamic global market cap of traded businesses of about US$50 trillion in 2007.
Mining in Australia is a primary contributor to the Australian economy. Mining booms have also encouraged immigration to Australia. Many different ores and minerals are found throughout the country. Mining prevented bankruptcy for the early colonies in Australia. The very first economic minerals in Australia were silver and lead in February 1841. The value of these mines was soon overshadowed by copper.
Australia has declared mining as one of its primary activity in all of its states and territories. Famous areas include the regions of Western Australia, New South Wales, Queensland and in Victoria. Australia’s high labor costs and excellent regulation, distinctive geology has given Australia’s good impression in the category of mining.
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