Chief Executive Wal King said the global mining resources market is approaching stability, but added the construction boom in Dubai is over. "There is no doubt that the huge construction boom in Dubai has come to an end," King said. The Australian economy will become "somewhat weaker" in 2009 but the government's fiscal stimulus initiatives will start to take effect and the economy is likely to bottom this year, King said. "We think the resource market is approaching stability. Now, approaching stability means maybe some time this year." While conditions in Dubai have slowed, King said the Gulf region has a "strong" future. He noted that most market watchers expect oil prices to stabilise to more normalised levels of $70-$80 a barrel over the medium term from "stupid highs" last year and "stupid lows" at the moment.
SDG Price at posting:
57.0¢ Sentiment: Buy Disclosure: Held
