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With metals soft, two more Australian miners warn of likely writedowns

Posted on 30 July 2013

Falling metals prices are exacting a heavier toll on Australia’s mining sector—once the engine of the country’s economy—with two midsize producers the latest to warn of hefty writedowns.
OZ Minerals Ltd., which runs one of the country’s largest copper mines, and gold producer Evolution Mining Ltd Monday warned of a combined hit to their bottom lines of up to 640 million Australian dollars (US$593 million). Each blamed sharp falls in prices of commodities like gold, Australia’s third-biggest export, as the U.S. edges toward tighter monetary policy and China’s economy cools…………………………………Full Article: Source


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