Positive News for Beleaguered Australian Mining Industry

Amidst continued worrying reports from the much-beleaguered Australian mining industry come a few rays of sunshine.

Positive News for Beleaguered Australian Mining Industry:

First, Market Watch reports that Australia leads the iron ore mining market in recently released projections.

The Global Iron Ore Mining Market to 2020 research report says worldwide iron ore reserves were 190 billion tonnes (Bnt) as of January 2015, with Australia accounting for the largest share at 53Bnt or 27.9% of the total.

In these reports, Australia edges out other heavy hitters Brazil, Russia, China, and India to claim the top spot. Let's hope for the sake of Australian miners that the global economy picks up again soon so they can mine those reserves..

Second, Australian miners have hopes that their new prime minister Malcolm Turnbull will kickstart reforms to revive the sector. Although the changes are not unopposed, the prime minister's strong history of economic reform success has many excited about the possibilities.

Third, one silver lining of the decade-long downturn has been its effectiveness in leading recent graduates from university to diversify their skills base. Although many of these enhanced training programs have been put into place to prevent the loss of skilled and highly-trained individuals during a time of crisis, they've still served to form a more well-rounded and informed group of laborers in the end.

When the industry does turn around eventually, the sector will find itself more equipped than ever before to handle the work load. As we keep our eye on Australia's situation, we look forward to bringing you more positive news in the days to come.

Remember that we carry a full stock of OTR tires for all of your mining needs--whether at home or abroad. Please feel free to contact us with questions or to hear about our most current deals.

Image credit: "Rays of Sunshine" by Gnumarcoo - Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons

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