Hawkers I work in Perth city for a mining company. What I’m noticing is significant cost cutting not from just the likes of the BHPs, RIO, Newmont, Newcrest and alike but from all mining companies. Proposed investments into substantial projects are being put on hold. This means people are loosing there jobs. It hasn’t been substantial as of yet since the cut backs have been really for future projects. The cost per tonne or per ounce for the material is making the job of mining to a profit very difficult. As a result I sold my investment property, house and car. Was quite surprised how easy it was. 2 weeks for the lot. I have made the decision to cash up and wait it out for atleast a couple of years. Supply side for iron ore next year will be dramatic with a number of large mines opening up in Africa and Brazil. This is really going to impact our large miners many of which cannot survive on less than $100t/ iron ore. I full heartedly believe the poo is going to hit the fan next year and Perth will see the impact’s “immediately”. Perth growth in the past 12 years is a result of mining and mining alone.
