08.12.2014 - Low iron ore price turning up heat on Australian miners
Australia's Atlas Iron and Mt Gibson Iron on Friday were forced to lay off workers and introduce austerity measures in an attempt to ride out a sharp slide in iron ore prices. Mt Gibson, whose Koolan Island mine was closed last week because of a flooding incident, said it did not know when it might reopen. Both companies, along with Fortescue Metals , were started in the last decade's boom-era rush to dig new mines, but are now cracking under the weight of low ore prices. Once-hefty margins that made millions for early investors are disappearing, replaced by short sellers betting things will only get worse...............................................Full Article: Source
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