The mining industry has enjoyed a rapid rise in recent years.
And despite a number of recent setbacks, that trend is still going strong.
According to mining giant BHP Billiton, its mining business grew by 22 per cent in the year to June 30, 2017, while mining production rose by 17 per cent.
And while the mining sector has experienced some downturns, BHP has continued to enjoy solid results.
The Australian Industry Group’s (AIG) mining and mining services business, which includes BHP’s mining and exploration services business (and mining equipment business), saw an increase in net profit of A$1.1 billion (US$1bn) in the nine months to June 2018, an increase of 18 per cent compared to the same period last year.
“The mining industry is booming,” AIG managing director and head of mining research, Paul Boudreaux, told the ABC.
“For the mining industry to continue to grow, we need to have an industry that is growing at a reasonable pace and that is diversified.”
BHP Billitons mining and resources business grew 23 per cent year-on-year in the year, while its mining services grew 15 per centThe mining sector is now estimated to have a $3.5 trillion market value, with BHP estimated to own up to 30 per cent of it.
Bridget Mowat, BH Mining’s head of commodity research, told Fairfax Media that the sector is growing in the face of global economic uncertainty.
“It is still very robust in terms of growth.
And we continue to see that there is a good number of mines being completed, as well as new mines coming online and being operational in Australia,” she said.”
Mowat said that while it was a “very challenging industry”, the industry’s resilience meant it was resilient to both external shocks and the economic challenges facing the global community.””
We see mining as a very resilient and resilient industry.”
Mowat said that while it was a “very challenging industry”, the industry’s resilience meant it was resilient to both external shocks and the economic challenges facing the global community.
“We have a robust financial base, and we are also able to withstand the shocks of any downturn,” she told Fairfax.
“And we are well positioned to absorb and recover from the impacts of these natural disasters.”
A number of mining companies have struggled to get the job done.
The world’s biggest miner Rio Tinto has said it will lay off about 200 staff as it restructures its operations following a series of mining disasters.
The mine’s operations will also be cut back by half, including the reduction of its mining activities in Australia and the world’s second-largest gold producer, Australia’s biggest mining company Rio Tandoori.
The Rio Tins are a family of mining conglomerates that have a wealth of resources around the world, including gold and iron ore, minerals and gold, nickel, zinc and copper.
“Rio Tinto’s recent events have put us on the road to being an even more resilient business,” Rio Tin chief executive officer Ian Macfarlane said in a statement.
Rio said its board would decide on the next steps in the restructuring process on Tuesday.
However, the company’s mining operations are expected to continue.
“There are ongoing discussions with our partners and the government and with other stakeholders around our future mining business,” Macfasar said.
“We remain committed to working with the government on these key decisions.”
Australian miner RioTin is planning to lay off more than 1,000 people in the coming months to try to boost its revenuesSource: ABC News