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Mining industry leaders breathe sigh of relief

Mining industry leaders breathe sigh of relief"

After years of uncertainty in Australia's mining industry, some of the sector's top leaders say they could soon see a period of growth akin to what was witnessed prior to the global financial crisis.

The improved sentiment is the result of a number of factors arising at the same time. Between new drilling projects in the Pilbara region, improving commodities prices and the end of the election - which had a favourable outcome for the industry - miners could be headed for a new era of growth.

This has led to chatter among mining CEOs, who appear to share the same confidence. Mike Elliott, global mining and metals leader at Ernst & Young, recently told The Australian that these official statements suggest the market could soon see renewed competition.

"There is almost a bit more bravery by these companies saying we are going to go ahead with some of these projects but we are not going to rush into it helter-skelter," Mr Elliott stated.

"Capital discipline three months ago was about 'don't spend it and give it to shareholders', whereas capital discipline now is 'we'll be far more careful than the last bunch were in how we deploy our capital but that doesn't mean we won't deploy it'."

This renewed confidence is also demonstrated by new exploration and drilling projects. Mining Project Group recently announced that one drilling test showed the possibility of a massive new nickel sulphide deposit.

This led the company to announce it will commence further drilling in October.

Most industry experts agree that the recent slump is just a part of a larger mining cycle, which has been evident for decades.

With more than 20 years of experience in the mining and cable engineering industry, Interconnect Systems has the knowledge and experience to help you find the solutions that best meet the unique needs of your next mining rail and transportation project.

For more information, and for advice about choosing the best harness systems for your project, contact Interconnect Systems today by calling 1800 812 214.

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