June 14, 2017 / News
As of late, Australia's mining industry had been in a period of decline. A number of factors, such as falling commodity prices (particularly iron ore), waning investments, and China's slowed economic growth, had taken its toll on the industry and severely impacted its profitability.
Prospects have been relatively bleak for Australia's mining industry, especially in states, such as Western Australia, whose economies are heavily reliant on export earnings. Australia's slumping mining sector had also resulted in the shedding of thousands of jobs across the country, making unemployment rates of mine workers triple the national unemployment average. For many experts, these factors supported the prediction that the 'mining boom' was coming to an end.
However, in recent months, Australia's mining industry has received a much-needed boost from foreign investors.
This has been largely spurred by the increased demand for tech metals.
Tech metals mining involves the mining of rare earth metals (for example, lithium and cobalt) that are used in the production of technological devices, such as batteries for renewable energy storage, mobile phones, and autonomous vehicles. This appears to be the new frontier for mining, as tech metals will be sought out more and more, as the world becomes increasingly technologically dependent and continues to saturate every aspect of life.
Foreign investors have recognised this trend and are funding the exploration of Australia for an available site.
If successful, tech metals mining may just be a more sustainable source of income for Australia's mining industry.
Furthermore, according to SEEK, there has been a significant increase in advertising for mining positions. This highlights an improvement in conditions for mining companies and some restored confidence in the industry. SEEK reports that this is particularly true for positions in exploration and mining support services, as well as metal ore mining.
With the potential that increased foreign investment brings and the resurgence in employment opportunities, the mining industry might just be heading towards another period of growth.
If you're looking for quality workers to help out on a mining site anywhere across Australia, contact Workfast on our website or call 1300 824 403.