Iron ore spot price record price rise
On Monday 10th September, spot iron ore posted its biggest one-day gain on record and China steel futures rose sharply for a second day, supported by hopes Beijing`s approval of $US157 billion in infrastructure projects would resuscitate steel demand. China`s economic planning body on Friday approved projects to build highways, ports and airport runways, that analysts estimate at more than 1 trillion Yuan, roughly a quarter the size of the massive stimulus package unleashed in response to the global financial crisis in 2008.
A good sign that China`s economy isn`t going anywhere anytime soon and equally good news for the longevity of the iron ore mining industry in Australia which equates to mining jobs stability and growth. This news is positive news for mining companies like BHP Billiton and Fortescue and could kick-start a re-think of their current strategy of putting new iron ore projects on hold. iMINCO will be monitoring the latest developments, so make sure you subscribe to the iMINCO Project News for regular updates.
Mining & resource sector remains positive about jobs
QLD`s runaway mining investment boom `has years to run` according to two of Australia’s major forecasters. These analysts said they expect, as the investment goes into ‘cruise mode’ (with some caveats) that increasing investment across other business sectors would fill the gap. This is further compounded by a new jobs survey relealing that mining employer optimism remains steady, with gas projects still seeking mining and recourse workers. The survey shows the net employment outlook for the mining and construction sector in the coming 2012 quarter is up 10%.