Mining Industry Updates Q4 2015
Amid falling mineral prices, many companies have taken a huge hit in the mining industry, with growth slowing and even reversing in many of the worlds leading mining companies.
Caterpillar for example has recently released a statement suggesting it is to cut around 5,000 jobs in 2016, a direct result of the slowdown in the market and a $1billion dollar loss between actual and predicted earnings.
Remaining upbeat, however, there are small pockets of growth.
Australia is predicted to lead the mining of iron ore for the next half a decade and the slow market and rising population is said to have a positive effect on job creation in South Africa.
Nonetheless, a slowdown of investment from China and reliance from India is likely to continue a relatively modest growth opportunity in the coming months.
The mining industry in the MENA has not changed dramatically over the past quarter, with large growths predicted in areas that are politically unstable, like Northern Iraq and Turkey. These are mainly high growth areas due to the unused resources that are currently sitting dormant.
Lower crude oil prices has helped companies lower operating costs which is enabling them to offset some of the losses they have seen from a slow down in investment.
Looking ahead to the future, the low prices of the minerals will largely dictate the confidence in companies willingness to invest again; and waiting for a market upswing is more or less the main factor likely to turn the sector around.
Regardless, mining still offers some of the worlds most competitive salaries when compared with other professionals of similar work level experiences and if you can find a job can be very rewarding.
A key mining industry globally, Australia’s mining boom was a key contributor the countries economic growth. Like the rest of the world, they too have struggled with declining prices and lack of investment from major investors such as China.
The Australian mining industry has felt a significant impact to its profits, resulting in staff layoffs and a declining staff hiring outlook during the past year.
The main mining hub remains to be the western coast of Australia. Where exploration projects are underway off the coast for new minerals to mine.
In total there were just below 300 current advertised positions available when the article was published. Such positions ranged from drillers, maintenance workers, engineers, machine operators and foremen with high starting salaries in excess of $100,000 per annum.
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