***** example, page-7

I can tell you who that is, its either Barrick or Newmont.

Gold mining is just about dead in Australia due to the significant costs and hyperinflated wage growth over the past 5 years. This has signifcantly impacts profit margins.

Its no surprise the likes of Barrick and Newmont have cut there employee base over the past 6 months by over 30%.

Assets from both these houses are up for sale.

Being an engineer myself,I have never seen it so bad to gain employment. It was only last year you could apply for a job and at best there would be 2 other engineers going for the same role. Now you would be lucky if only 80 were applying.

Some small shows might survive for the time being with cash costs below 1000 but the larger houses will not.

Iron ore is about the only one that could survive and onslaught below say $90/ tonne due to the significant capital spend by the likes of BHP and RIO. I do suspect both these could still make a margin right down to $60/tonne, I dont know about the others though.

Mining is in big trouble in Australia, due to the costs of doing business this is why Im seeking work overseas at this time.