This week, the Globe and Mail report on business described in As Australia pulls back on mines, Canada on alert, that the mining industry in Australia is experiencing a decline in profits. Due to China slower economic growth, nations that depend heavily on exporting iron ore and coal to China, Australia and Canada in particular are experiencing serious impacts. Resource companies are discovering that operation costs are rising and skilled workers in the industry are becoming scarce. To make matters worse, the Australian government recently set a 30-per-cent tax on mining profits. Even Australia’s BHP Billiton PLC, the world’s largest mining company reported its first decline in profits in three years. Recognizing these losses, mining companies are trying to achieve more technologically efficient methods to reduce costs and sourcing experienced workers from overseas.
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