
Australian mining in need of productivity push
AUSTRALIAN miners are fending off hits from all sides, with plunging iron ore prices and concerns about declining productivity coming to the fore in recent weeks. In late March, iron ore miners led a downward turn in the Australian sharemarket spurred by fears of declining steel production in China and a bleak outlook for iron ore prices from Goldman Sachs. The global investment bank predicted that iron ore prices would fall from US$139 per tonne in 2013 to US$80 per tonne by 2015; it also downgraded the London listings of global miners BHP Billiton and Rio Tinto, a move that had flow-on effects in Australia. The Goldman Sachs forecast saw the S&P/ASX200 close at its lowest level since early February;...