Australian mining leaders believe commodity prices have bottomed out despite ongoing tough conditions but iron ore magnate Gina Rinehart warns the industry faces another threat.
For the first time in three years, the mining industry has an upbeat outlook, with 43 per cent of industry leaders optimistic about the year ahead, compared to just 10 per cent a year ago, according to the Mining Business Outlook Report released by Newport Consulting.
The report draws on interviews with 50 mining leaders and features an interview with mining magnate Ms Rinehart, who warns that the greatest challenge for Australia’s mining industry today is “onerous and expensive” government regulation. “Without significant action to address this issue, we will continue to see the substantial decline in exploration investment,” Ms Rinehart says in the report.
“And without this investment to find the next big mineral resource deposits, I fear that we will not see the development of a megaproject like Roy Hill for a long time to come.
Newport Consulting managing director David Hand said the report had found an improvement in sentiment in the mining industry.
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