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BIS Shrapnel Predicts Mining Decline

According to economic forecaster BIS Shrapnel, mining and heavy industry construction, which accounts for one third of Australia’s A$25 billion ($21 billion) building sector, is expected to drop 3 percent in the 12 months ending June 30, 2011. This is due to the completion of some major export projects.

It is the first time in the last seven years that the mining industry will see a drop in a fiscal year. Adrian Hart, senior manager for BIS Shrapnel’s infrastructure and mining unit feels that the completion of iron ore, coal projects, and alumina refineries combined with lackluster performance of other mineral commencements through 2009 will be responsible for this fall.

However two surveys taken in Western Australia are confused about blaming the new mining tax for the expected 3% dip in the mining industry. The Sensis survey shows that businesses were still positive about the future overall, this fell 40 per cent from the last such poll in February. The survey was conducted after the new tax was announced.

The survey questioned 225 businesses in the state, with 195 of those in Perth. Survey author Christena Singh said that WA businesses were experiencing the weakest sales, profitability and capital expenditure in the nation.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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