• There goes Australia's mining Boom. BHP cancles AUS$30 Billion mine expansion
    13 replies, posted
[url]http://www.adelaidenow.com.au/news/south-australia/bhp-cancels-30-billion-olympic-dam-expansion-in-south-australian-outback/story-e6frea83-1226455884519[/url] [quote]BHP Billiton has shelved its $30 billion Olympic Dam expansion and will go back to the drawing board to find a cheaper alternative. The decision throws into grave doubt the promise of more than 10,000 future jobs directly associated with the project, and also creates a worrying black hole in future South Australian state budgets. There are unconfirmed reports of significant job losses at BHP Billiton's Adelaide headquarters, with redunancies expected to be announced within 24 hours. The decision to shelve the project also will have significant national economic and political consequences, particularly with the mining tax already being blamed by the Federal Opposition as being a contributing factor. It raises serious questions about the country's so-called mining boom - and the growing reliance of the federal and state governments on earnings from mineral exploration and exports. However, BHP chief executive Marius Kloppers today insisted market conditions, subdued commodity prices and higher capital costs led to the decision, which has been the subject of speculation within several months. "As we finalised the details of the project ... it became clear that the right decision for the company and its shareholders was to continue studies to develop a less capital-intensive option to replace the underground mine at Olympic Dam," Mr Kloppers said. "Value is always our primary consideration. We believe today's decision reflects an appropriate, prudent and disciplined course of action." The mine would have become the world's biggest open cut copper and uranium mine at six kilometres long and one kilometre deep. The news came as BHP Billiton announced a 21 per cent fall in annual profit of $US17.1 billion. The global miner has written down $US242 million on the Olympic Dam project this financial year as rumours circulated today that 100 Adelaide-based staff working the project would lose their jobs. But it doesn't mean the end of the project, Mr Kloppers said. "The long-term outlook for the copper market remains strong and we will continue to work closely with all stakeholders as we refine our longer term development plans for this unique, world-class ore body. "We want to find the right solution to unlock this resource." The move is a major blow to the state's economy which was expected to reap $350 million in annual royalties once the project was up and running. South Australian Premier Jay Weatherill assured South Australians that the minerals below the ground at Olympic Dam were "still here, they belong to us and they will be developed." "This is an important project for the State and there is no doubt that this is a disappointment," he said. "This is the second time (BHP Billiton) have disappointed South Australians, there is no doubt that this will come at a cost." But Mr Weatherill said the state would still meet its target of $20 billion in mining production, driven by other mining activities.[/quote] Wasn't going to last forever, despite what many people thought [editline]22nd August 2012[/editline] Fuck, I misspelt cancels
You should be able to edit the title, just click edit and there's a field for the title.
They'll be back, no-one can resist our ore
Once the price of minerals goes up and we still have our leftover ores that BHP didn't take, we'll be rolling in the cash.
I wouldn't say the mining boom is totally over
[QUOTE=The Decoy;37355336]I wouldn't say the mining boom is totally over[/QUOTE] One closed project means jack all in the long run. We still have a tonne of resources at many other sites and there's still almost always going to be a high demand for them worldwide, so the boom's not scheduled to come to a halt any time soon.
I could imagine us being the Saudi Arabia of the Southern Hemisphere, Except with Gold/Uranium/Coal instead of Oil. Damm, Just imagine if we found vast oil deposits under our country, We would have America licking our asses.
[QUOTE=Lonestriper;37353664]They'll be back, no-one can resist our ore[/QUOTE] "Gosh aren't we lucky we cut down the mining tax, with that would've gone our great big mining boom!"
[QUOTE=Best4bond;37356310]I could imagine us being the Saudi Arabia of the Southern Hemisphere, Except with Gold/Uranium/Coal instead of Oil. Damm, Just imagine if we found vast oil deposits under our country, We would have America licking our asses.[/QUOTE] yeah and imagine if howie was somehow in charge again
I heard you need no education or experience to become a miner in Australia, and the pay is good. I'm very tempted actually.
[QUOTE=Carne;37357820]I heard you need no education or experience to become a miner in Australia, and the pay is good. I'm very tempted actually.[/QUOTE] You don't need to have an education to be a miner anywhere. You just mine.
[QUOTE=mysteryman;37357836]You don't need to have an education to be a miner anywhere. You just mine.[/QUOTE] I mean the big mining companies hire people with no education/experience.
fair enough.
[QUOTE=Carne;37357881]I mean the big mining companies hire people with no education/experience.[/QUOTE] The pay is good because it's dangerous and takes years off your life from health complications.
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