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Te Mata

Not So Good In Commodity Boomsville

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I used to live in a place called Geraldton Western Australia, which is a mining port and prime beneficiary of the minerals boom. I left in 2007 and the people there thought the boom would never end, despite the deeply cyclical fortunes of the town in the past.

Only on mining exec I knew saw the end - giving it about 12 months before it started to fallover. He and I, of course, were scoffed. Folks were coughing up big money for houses and big ticket consumer items.

Was on the phone to an old friend a couple of days ago who reckons there are now 3000 out of work miners (works for the welfare agency there) now, out of a town of 33,000... and that's just the miners.

Confirmed by a conversation I had on an Aussie trading forum today:

rents falling in wa .......
Nun,

I was talking to a friend in Gero recently and he said there were A LOT of layoffs at the mines... a lot of unemployed miners in Gero.

True?

VERY

MMX skeleton crew .. went from 24 hr rotaing shifts to a 12hr day to bugger all at present

mgx skeleton crews

MIS/SINOSTEEL , layoffs

golden grove formerly owned by OZL , mass layoffs only kept the cream of the bunch

cobra machinery ( providing heavy machinery hire ) .yard full no work

coates hire same yards full of equipment

tru blue hire same

ILU looking at closing ALL midwest ops IF conditions dont change shortly . huge layoffs ,

twomeys (mining maintenance and services )skeleton crews . only got work because of pipe supplies for karratha

the list goes on mate

but apparently all sunshine and lollipops in the great midwest

big difference in what you read to whats actually happening up here

good opportunity to pick up some cheap maloo utes and other financed toys tho

Followed of course by the usual denial... al is well in Oz.

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