MINES AND GAS: MINING BEGINS WITH ANOTHER LIGHT THING IN THE TRACKING PANEL.
The latest news on the mining industry comes from a report in the Financial Review on Wednesday (March 29) which found that mining giant BHP Billiton has not only been hit hard by the price of gold but also by its own slump in revenue from coal mines.BHP Billions’ mining performance has been hit by falling revenue from its coal mines in Australia’s north-west.
In March, the miner’s revenue was down $17 billion from a year earlier and its profit was down 6 per cent, a sharp fall for a company that has enjoyed record profits.
Bhcp declined to comment on the Financial Press report.
Gold mining in Australia has been struggling for years.
In 2016, it suffered its biggest drop in years as it slumped below $US20 an ounce.
Gold prices have since recovered, but BHP has continued to struggle.BHCP has been in trouble before.
In 2008, it went into administration after the mining boom was hit by the global financial crisis.
BHP’s share price fell sharply.
The company was forced to sell its mining assets, including coal mines and uranium mines, and to slash spending on mining.
Bharti Airtel had to cut off BHP payments to its customers, and the country’s telecoms regulator ordered BHP to make all of its investments publicly available.
The mining boom is likely to continue, however, as BHP is a major player in Australia, with a controlling stake in a number of mining firms.