Xstrata-Glencore laying off 450 jobs in the mines in Queensland now

On top of 47 that where laid off at a mine in the Hunter valley region last week. Seems the coal mines are laying off as well as the down sizing and closing of the gold mines across australia.

1. Iron biggest export
2. coal both thermal and metallurgical
3. gold ( was previously at No.2 position)  

Talk is that iron ore prices may drop to the 2004 to 2005 levels if a major slow down happens in china. Prices will drop but tonnes sold will continue to rise.  ie more production at lower prices.  ( dont now how this occurrs during a slow down )

should do what the bloody arabs do with oil--put a restricted supply out there and up she goes--bloody slow learners these aussie companies..

regards
oneday

Ain't the mining industry just lovely. While they are making huge profits by "Dig it up and who cares", when there is a down turn for Aussie Earth, it's a case of, "shut it down, put people off work and who gives a f***".
Welcome to "Mine Australia". What else have we got now ? Call me cynical and a pessimist but it's gunna get worse. We have all seen it before.

That's it Cliff its a Cruel game for some that come from east or kiwi land , settle , take it all very seriously working on mines , clamber to the top in a short time at little regard for locals , take out humungus morgages thinking they've conquered the heap & have jobs for life .... then ....ah ....woops ....here comes a slump , lost the job .... houses for sale everywhere ... that's how it goes for the newbees , seen it twice in gold towns over 20 years .

Dead correct and that's the way it goes albo.  What gets me is , I'm supposed to have sympathy for those who get laid off.  It ain't gunna happen.  Ya take ya chances in the mining game now.
I'll stick with my job.

Thats the mining game , get it while its goin , then go picknickin / prospecting when it slows ... hey Steve

I was wrong with the header its 450 people even worse