Australian Mining Industry Still Waiting to Bottom Out

It seems odd to talk of hopes for bottoming out, but with the way things have been going lately for the Australian mining industry, hitting rock bottom could be the best news they've had lately. It's no secret that the country's mining industry has been struggling, and as commodity prices continue to slide, the world wonders how far down things will have to go before they start looking up.

The news lately hasn't been hopeful. Mines continue to close; meanwhile, in mines that remain open, safety issues abound, leading to the death of ninety-two Australian mine workers in just seven months.

Not everyone involved in Australian mining is completely pessimistic, however. Speaking in West Australia at a mining conference in early September, WA Premier Colin Barnett predicted that there's no way the mining downturn could get worse. He believes that there's light at the end of the shaft.

“I’m either brave enough or silly enough to suggest that we’ve hit the bottom,” Mr Barnett told the Africa Down Under mining conference. Much of the Australian mining industry is at its lowest point in terms of world competitiveness due to weak commodity prices, though the next 12 months would continue to be a risky period for mining companies, he said. (Perth Now)

Although we are glad to hear someone sounding a bell of hope, we know that an upswing for Australia's mines still remains to be seen. While we would love to know that the industry has truly reached the bottom, until their debt stabilizes, commodity prices rise, and mines reopen, we continue to join our brothers and sisters Down Under in watching and waiting for things to turn around.

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