Australia’s Mining Bonanza Is Over, Resources Minister Says

Found via Naked Capitalism.

Australian Resources Minister Martin Ferguson said the nation’s mining boom has ended as BHP Billiton Ltd. (BHP) delayed approval of its Olympic Dam expansion that Deutsche Bank AG estimated at A$33 billion ($34.7 billion).

“You’ve got to understand, the resources boom is over,” Ferguson told Australian Broadcasting Corp. radio today. “It has got tougher in the last six to 12 months.”

Australia’s economy has been powered by the biggest resource bonanza since a gold rush in the 1850s as Chinese-led demand for iron ore, coal and natural gas brought investment projects the government estimated to be worth A$500 billion. BHP, the world’s biggest mining company, said yesterday it doesn’t expect to approve any spending on major projects this fiscal year as metal prices decline amid sluggish global growth.

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Related link: Australians be worried: someone is calling your country a miracle! (Dylan Grice – April 2012)