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Many shelved expansion plans reignited after bottoming three months ago iron ore prices bounced back. China’s vast demand for resources like iron ore which occurs only once in a century mining boom sustained Australia’s economy. Speculations were assumed that the mining boom was over after iron ore prices dropped to a three-year low in September. It reached for as low as or even below $US90 a tonne.
According to commodity analyst Jonathan Barratt, who runs Barratt’s Bulletin, “I think it was a lot of concerns obviously with what was happening in the [United] States, concerns about the Chinese economy, concerns about more supply coming onto the market. There was just an overall general amount of nervousness.”
“Now that was a bit of a surprise, so we will probably will see a little bit more lift in the price of iron ore.” And over December, iron ore prices have jumped by around 25 per cent. That has seen iron miners, kick-start mothballed operations, although miners are also keeping a close eye on rising costs. Every company must also try to remember to prevent scam.
“Because effectively what they’re going to do is they’re going to also cause a crimp in supply, because they’re not going to meet market expectations and that should further sustain prices at these levels. “So you’re going to see the economies pick up. They’re going to demand and they’re not going to see the supply out there to meet that demand, so prices will continue to trade higher.”
Prevent scam in mining, this also costs money and is also as frustrating as price hikes. http://blackhawk-mining.com/2013/01/07/shelved-expansion-plans-reignites/