bubbe2005 Posted August 24, 2012 Share Posted August 24, 2012 http://www.google.com/hostednews/afp/article/ALeqM5hg-Uyj_KTkGTleV86Y7sfWO8M1mw?docId=CNG.392d5578e0e2c7d8a0f7efa54d2c061b.2f1:chatterbox: Link to comment Share on other sites More sharing options...
tonyman Posted August 24, 2012 Share Posted August 24, 2012 No, and it wont be over in our life time .................... Link to comment Share on other sites More sharing options...
bubbe2005 Posted August 24, 2012 Author Share Posted August 24, 2012 No, and it wont be over in our life time .................... http://www.abc.net.au/7.30/content/2012/s3573784.htm i hope not Link to comment Share on other sites More sharing options...
digitalis Posted August 24, 2012 Share Posted August 24, 2012 This is the latest PIO anti-oz mafia craze. Anyone can point at what makes a country thrive, and say that thing there isn't going to last forever. No **** Sherlock. If the mining boom is coming to an end, how come work has just started on a $30billion gas plant in the NT, or is that not part of Australia all of a sudden? Link to comment Share on other sites More sharing options...
digitalis Posted August 24, 2012 Share Posted August 24, 2012 STEPHEN LONG: The official numbers say China's economy is still growing by more than seven and a half per cent a year, but can we believe it? PATRICK CHOVANEC: My guess is that the Chinese economy right now is probably growing at about four to five per cent. STEPHEN LONG: What a slowdown means for Australia depends on how bad it gets. If it merely cools the mining boom, it's far from a disaster. I have quoted the most important excerpt for your convenience. And btw you don't sell newspapers by printing good news all the time. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted August 24, 2012 Share Posted August 24, 2012 It's been posted already and the consensus of opinion is that ...... Australia will still be booming this coming year, like it has been for the last few years and ...... The UK will still be struggling and in recession mostly, like it has been over the last few years. Link to comment Share on other sites More sharing options...
bubbe2005 Posted August 24, 2012 Author Share Posted August 24, 2012 I guess we'll have to wait and see what the future of Australia holds for its citizens and intending migrants. Link to comment Share on other sites More sharing options...
digitalis Posted August 24, 2012 Share Posted August 24, 2012 According to most members of PIO, this..... Link to comment Share on other sites More sharing options...
stevie ellis Posted August 24, 2012 Share Posted August 24, 2012 well a heard milk is 6 dollars:shocked: and ya canna buy a pair o jeans for under 90 dollars:shocked: Link to comment Share on other sites More sharing options...
bubbe2005 Posted August 24, 2012 Author Share Posted August 24, 2012 well a heard milk is 6 dollars:shocked: And ya canna buy a pair o jeans for under 90 dollars:shocked: crickey o mighty!!! Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted August 24, 2012 Share Posted August 24, 2012 I guess we'll have to wait and see what the future of Australia holds for its citizens and intending migrants. It was mentioned in 2008, 2009, 2010, 2011 and now in 2012. I suppose it could happen, but seeing is believing. Link to comment Share on other sites More sharing options...
bubbe2005 Posted August 24, 2012 Author Share Posted August 24, 2012 It was mentioned in 2008, 2009, 2010, 2011 and now in 2012. I suppose it could happen, but seeing is believing. Yes I agree. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted August 24, 2012 Share Posted August 24, 2012 Those of us in the industry are well aware it is over. Just a matter of how hard it is going to fall, but its looking like its going to be a big fall. I know of a couple of thousand contractors let go in the last few weeks. A recruiter i use for candidates has reported they havent been so quiet in 20 years. We have put a bar on recruitment. Nearly all the Brit exploration geo's i know are pulling the plug and looking at roles in Africa which seems to be still expanding. Met with a load of junior companies recently and all were giving up ground or not planning on working on their ground in Oz. Most had aquired ground in Africa, S America and Asia. Link to comment Share on other sites More sharing options...
newjez Posted August 25, 2012 Share Posted August 25, 2012 Do you mainly work in exploration Stormy - and do you know the current percentage of employment in exploration? Link to comment Share on other sites More sharing options...
flag of convenience Posted August 25, 2012 Share Posted August 25, 2012 And who said the old boom to bust scenario was a thing of the past ? The more things change the more they stay the same. The question now on everyone's lips is how long? Link to comment Share on other sites More sharing options...
ade72 Posted August 25, 2012 Share Posted August 25, 2012 well a heard milk is 6 dollars:shocked: and ya canna buy a pair o jeans for under 90 dollars:shocked: Sounds like a bargain to me Link to comment Share on other sites More sharing options...
VERYSTORMY Posted August 25, 2012 Share Posted August 25, 2012 Do you mainly work in exploration Stormy - and do you know the current percentage of employment in exploration? Yep. Exploration. Though have done mining as well. I dont know the exploration %, but i would guess it is around 7% of the minerals workforce. On site here - a large gold mine, we make up about 3%. But then if you look at all the junior exploration companies and then some of the large exploration teams such as Anglo's, i would hazard a guess at 7%. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted August 25, 2012 Share Posted August 25, 2012 And who said the old boom to bust scenario was a thing of the past ? The more things change the more they stay the same. The question now on everyone's lips is how long? How long for what? Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted August 25, 2012 Share Posted August 25, 2012 Those of us in the industry are well aware it is over. Just a matter of how hard it is going to fall, but its looking like its going to be a big fall. I know of a couple of thousand contractors let go in the last few weeks. A recruiter i use for candidates has reported they havent been so quiet in 20 years. We have put a bar on recruitment. Nearly all the Brit exploration geo's i know are pulling the plug and looking at roles in Africa which seems to be still expanding. Met with a load of junior companies recently and all were giving up ground or not planning on working on their ground in Oz. Most had aquired ground in Africa, S America and Asia. You do sound like you know what you are talking about, do you think it will effect the dollar to the pound? Link to comment Share on other sites More sharing options...
starlight7 Posted August 25, 2012 Share Posted August 25, 2012 I think we are in for some rough times ahead- whether it is as bad as Europe, who knows? Certainly there seems to be an increase in redundancies in Victoria, nothing to do with the mining industry though. Link to comment Share on other sites More sharing options...
flag of convenience Posted August 25, 2012 Share Posted August 25, 2012 How long for what? Well before it goes t-ts up, obviously Link to comment Share on other sites More sharing options...
northshorepom Posted August 25, 2012 Share Posted August 25, 2012 Hard to know where to start with this one Got to love the media.....Hancock apply for an EMA for a minority of workers on a biggish mine development and the media and unions are screeching about "shipping in cheap labour to supply an unsustainable boom"....fast forward 3 months and BHP make a widely trailed decision to postpone one of the larger but more marginal projects and suddenly it's all doom I don't think it's any surprise that the pace of new developments is slowing down - softening commodity prices and sharply rising development costs in Australia over the past few months could have told you that was likely. But it's not like people are actually talking about closing mines (in the main, there are a couple of exceptions but usually where there's IR issues) - so the revenues will still be flowing. And there are still some major new developments in the pipeline, and yet to start. They haven't all been cancelled nor will they all be. Most of the figures that get spouted about in terms of mining are the Capex figures put on developments, and most of this goes to the construction sector, and that sector still can't cope with the amount of work, that's one reason why costs have gone up so much. We do some of this, and we struggle to get enough people in to the more remote sites at any price. That's why we have to "ship in" foreigners - just not enough people with the right skills here. China is still growing, but to a lesser extent and their stock levels of minerals and the raw material produced from them are at pretty high levels, hence a large part of the softening of commodity prices. More of the demand in China and India has a "domestic" (not really domestic, but Asian) driver, they're not nearly as reliant on US and European demand as most people assume. I have some data somewhere if I cba to dig it out. If that means a reduction in the pace of new developments and a slackening of the terms of trade then, frankly, that's a very good thing. The pace in the past few years has been unsustainable hence the cost blowouts and the serious distortion caused in the rest of the economy by the high dollar and the (related) tight-ish monetary policy in relative terms. The economy is very much two-speed and a bit of redressing the balance is required. A bit more long-term thinking is in order I think. There was quite a good article in the Fairfax press today: http://www.smh.com.au/business/mining-and-resources/after-the-boom-the-main-game-20120824-24rs4.html making the very valid point that Australia's future lies in its relationship with Asia - which will be the economic centre of the world in pretty short order, no question about that - to a much greater deth that just digging up minerals and flogging them, and therefore some long-term planning and therefore structured policy (what government is supposed to be good at) in support of that should be part of a plan for 50 years hence Plenty of other articles in the SMH website regarding this week's economic news if you're interested in having a poke about. Some good stuff on there I'm not disagreeing with VS's experience, by the way - what he says absolutely rings true, all resources businesses are cyclical and exploration is the first thing on and off the boil, and it moves very fast. I remember being at the start of a big Caspian oil development in 1998 when the oil price plummeted from $40 to below $18 a barrel virtually overnight. We laid off half our staff and had them out of the country within the week when Chevron decided to go on "drip feed" with the development until the price went back north of $30, which fortunately for us it did quite quickly. Nature of the beast Link to comment Share on other sites More sharing options...
Jackinabox Posted August 25, 2012 Share Posted August 25, 2012 well a heard milk is 6 dollars:shocked: and ya canna buy a pair o jeans for under 90 dollars:shocked: Yep.....................$6 for 9litres. Have brought over more jeans than I know what to do with in this 25 degree winterish heat. Glorious sunshine, clear blue skies from the GC upto the SC. Dolphins out playing and not a Kmart in site. Link to comment Share on other sites More sharing options...
northshorepom Posted August 25, 2012 Share Posted August 25, 2012 According to most members of PIO, this..... Give over, you're worse than a tabloid newspaper for overstatement I don't see/hear most PIO members doing a Private Fraser at all Link to comment Share on other sites More sharing options...
Rugby Lad Posted August 25, 2012 Share Posted August 25, 2012 A question to Northshore or VS (or anyone, just those 2 may know the answer). When I was in Kalgoorlie last year myself and an ex-Aussie Army guy I'd met up there we sitting around discussing economics outside the shop / canteen thing on a BHP site (on our own of course, everyone else had us marked down as the boring bastards). Anyway a guy came over who I'd seen at all the inductions and was obviously one of the bosses. No idea who he was, what he did, how high up he was but he said something very interesting. He said that BHP's record profit that year had mainly come from financial services, not mining. Basically as a large multinational operation they need to hedge against currency fluctuations in order to maintain worldwide operations. But what had once been a means to enable production, and thus profits, was now where most of the profit was coming from. As a result the brighter guys at the very top of the company were looking down on day-to day production as the means of achieving profits. Does that sound at all believable or was he talking nonsense or is there a grain of truth somewhere in there but he was massively overblowing it? Link to comment Share on other sites More sharing options...
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