It seems that Rio Tinto can’t catch a break. In the past 12 months, the company has had to accept significant impairments, deal with a falling iron ore price, and now it has lowered its full year copper production target by 19 per cent as a result of a significant wall slide at their Kennecott Utah Copper mine.
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For some time now, we have been cautious about the prospects for listed EPC (Engineering, Procurement and Construction) contractors (mining services). And neither the recent rebound in share prices, nor the following RBA announcement, made last week by Christopher Kent, have done much to impact this view.
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I caught up with a few of my country friends over Easter. One conversation topic that kept coming up was the current approval process for the coal seam gas industry. To say that they are furious about it would be an understatement.
They quoted cases where bore water, which has been running for decades, has suddenly dried up within months of coal seam gas production commencing nearby. So what’s going on?
In this interview on ABC1′s ‘The Business’, Roger discusses with Ticky Fullerton why he is virtually certain that the Mining Services industry is facing disaster, and he also is highly sceptical about Telstra’s (TLS) prospects. Watch here.
This program was broadcast 27 March 2013.
In these highlights from the Sky Business Switzer program broadcast 7 March, Roger provides his insights on how recent developments in U.S. interest rate policy and Chinese domestic construction are likely to impact the Australian market. Watch here.