Fakes and Scams: Australian Mining Industry Woes Finally Offering Some Variety

Although recent predictors have indicated that an upswing may be on the horizon for Australia's beleaguered mining industry, the fact remains that reports coming out of the country's news outlets have been a nearly-unadulterated onslaught of gloom and doom.

Take, for example, last month's reports of yet more mining job cuts at chemical company and explosives manufacturer Orica.

The chemical maker announced that it will let go of around 10 per cent of its 220-strong workforce at its Yarwun site. The company also announced that it will cut output by 15 per cent... Earlier this year the company reported a 3 per cent drop in half year profits to $211 million, and a 5 per cent drop in earnings to $472 million. (Companies and Markets)

You'll note, however, that we specified recent news out of Australia as a nearly-unadulterated onslaught of gloom and doom. There have been a few outlying articles.

One of them is this recent headline: "Australian Mining Industry Scam Lands Fake Media Tycoon in Jail." Make no mistake: this is still bad news for the Australian mining industry. People were taken in, and money was lost.

Peter Noel Anthony Sorensen, 52, was sentenced to 15 months jail with a non-parole period of six months, over an elaborate billing scam that saw eight companies pay invoices, totaling $124,500, for adverts in magazines that never existed. (Sydney Morning Herald)

Although we can't exactly call this news positive, it's at least notable by way of being novel. In addition, it's at least possible (though perhaps unlikely) that some of the lost funds may be won back through legal measures.

It's hopeful that no more mining firms are taken in by swindlers in the time remaining before the Australian mining industry's next upswing. It may have offered us some variety in the news, but it's certainly not a trend we'd look forward to see developing.

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