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Re: Neddy Crying, Mining crash signals “unmitigated disaster” for Australian economy
I know you are still crying ... but you don't have seek console in me.
This is old news.
Also, it will help if you have checked my profile before putting up this post.
We have already predicted the slow down in the resources sector for many months. Just as we are predicting how bad the US economy is becoming. I skip Singapore prediction because it is small and less significant.
Before Xmas, we already know Rio Tinto is closing its Pilbara iron mine sites in Mar 2009. But who wants to work with timekeeper Rio Tinto. I still prefer BHP.
The main reason why we have to close the mines is because USA cannot afford to buy any more consumer goods. They have to spend the money to buy gas (from petrol to LPG, etc)
We are opening 2 new gas sites in the Kimberley.
Neddy is inconsolable.
Mining crash signals “unmitigated disaster” for Australian economy
5 December 2008
News of a sharp contraction in China's imports last week has shattered the efforts of the Australian government and media to insist that the local economy will be spared the worst of the global meltdown.
Until now, despite mounting evidence to the contrary, the Labor government has continued to claim that the long-term expansion of China would keep fuelling a massive growth of Australian exports of iron ore, coal and natural gas.
Last week, however, China announced that its exports had fallen for the first time in seven years, down 2.2 percent in November. Even more significant, its imports fell a staggering 17.9 percent, with ominous implications for Australian capitalism, which is heavily dependent on raw material exports to China and other Asian markets.
I know you are still crying ... but you don't have seek console in me.
This is old news.

Also, it will help if you have checked my profile before putting up this post.

We have already predicted the slow down in the resources sector for many months. Just as we are predicting how bad the US economy is becoming. I skip Singapore prediction because it is small and less significant.
Before Xmas, we already know Rio Tinto is closing its Pilbara iron mine sites in Mar 2009. But who wants to work with timekeeper Rio Tinto. I still prefer BHP.
The main reason why we have to close the mines is because USA cannot afford to buy any more consumer goods. They have to spend the money to buy gas (from petrol to LPG, etc)
We are opening 2 new gas sites in the Kimberley.
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