28.05.2015 - Turn out the lights as commodity spending boom ends
Australia, one of the engine rooms of the decade-long global commodity boom, is forecasting a staggering 90 per cent plunge in spending on projects, calling time on its biggest resources bonanza since the 1850s gold rush. After a collapse in prices from oil to iron ore, the value of the nation's approved and financed mining and energy projects is forecast fall to about $15 billion in 2017, from $226 billion at the end of April. Planned iron ore projects worth at least $10 billion have been canceled since October, according to the Department of Industry and Science. Billionaire Gina Rinehart's Roy Hill -- due to ship later this year -- is Australia's last remaining mining project being developed worth $5 billion or more...........................................Full Article: Source
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