The Good News about the Australian Mining Industry's Freefall

Tough times for Australian coal miners.

If you've been keeping up with our posts about the state of things in the Australian mining industry, then you're well aware that all is not well. It's no secret that the country's mining industry has been in trouble for some time now, and the trend seems to be continuing.

Recently, it's been pointed out that the Australian coal industry has taken what the Sydney Morning Herald terms "another step closer to the abyss," with Australian miner Glencore announcing that it would cut coal output by fifteen million tons in 2015:

In a move that is likely to put more than 100 jobs on the line, Glencore said the cuts would "more closely align" its coal output with customer demand, and some expansion projects would be slowed. We will defer some projects and ensure that inventory management and blending are optimised," the miner said in a statement (SMH).

In addition to other factors -- such as China's slowing economy impacting iron demand -- the news of further cuts to the coal industry just heightens concerns that Australia's mining industry will soon hit rock bottom.

Surprisingly, not everyone considers that event as the worst thing. After all, points out Business Insider after rock bottom comes the upswing, and the "bottom of the cycle is where long-term value is created."

It's our hope, of course, that Australia's mines have already reached rock bottom and that the upswing is just around the corner.

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Image credit: Sydney Morning Herald

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