Mining industry still strong: Palmer
Posted: 10/04/2012 12:00:00 AM EDT | 0
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Mining magnate Clive Palmer says the mining industry will remain strong for many years and the current downturn is unlikely to derail projects already being planned.
CQ News reports Palmer said while commodity prices had dropped over the last few months underlying demand from Asia was expected to continue in the long term.
Palmer also said China would drive demand as its bulging population continued to urbanise.
In an effort to hose down fears some mining projects were at risk, Palmer said large mining developments were long term investments and weren't easily thrown off by volatility in the market.
"It is not a matter of whether the mining boom is up one year and down the next," he said.
"You need to look at large projects like our iron ore in Western Australia -- it's a $6-7 billion project and you don't make that sort of investment because it's a high or low market this year."
While Palmer talked up the strength of the mining industry many companies have already shelved developments and laid off workers due to rising costs and falling commodity prices.
Last month BHP Billiton canned plans to build two coal developments in Queensland, and earlier this year the company also shelved massive expansions at Port Hedland and Olympic Dam.
http://www.miningaustralia.com.au/news/mining-industry-still-strong-palmer
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