ceo speaks

Miners optimistic despite commodities downturn
Cath Hart | October 30, 2008 The Australian

"Despite the gloomy outlook, developers and explorers remain optimistic.

Andrew Caruso, managing director of mid-cap iron ore developer Australasian Resources -- which has its Balmoral South project on the Pilbara coast -- said: "The fundamentals are in place for continued Chinese demand in the future.

"We plan to become an iron ore producer within three years," he said. "There will be a hiccup for the next six to 12 months -- stockpiles need to be bought down and there clearly needs to be a cleansing in the world markets, but we feel iron ore has a very strong future."

http://www.theaustralian.news.com.au/business/story/0,28124,24572478-643,00.html