May 09, 2017/ News
Since 2013, the mining boom has been experiencing troubles, with China, Australia's main buyer, going through slowed economic growth. The mining industry has seen significantly lowered investment, decreased demand, thousands of jobs slashed, falling commodity prices, and so on. This has led to the mining industry's GDP contribution crashing from 8 percent, during its peak, to a current GDP contribution of approximately 4.25 percent.
Experts warn that this is just the beginning of mining's decline and that there is worse yet to come. It is predicted that mining's GDP growth will fall further to about 1 to 1.5 percent.
Since mining is such a huge industry in Australia, that employs thousands of workers and contributes significantly to the country's Gross Domestic Product (GDP), the revival of this sector is important.
A promising avenue that could be the source of another boom for Australia's mining industry, is tech metals mining. As the name suggests, tech mining involves the mining of rare earths (and other minerals and metals) that are used to create technological devices, such as mobile phones, solar cells, wind turbines, redox batteries, autonomous vehicles, and so on. As technology continues to advance, and the world becomes increasingly technologically dependent, tech mining appears to be a more sustainable cash cow for the Australian mining industry. The development, construction, and operation of these tech metal mines, will also inject much-needed jobs into Australia's labour force. This will help counteract the significant loss of jobs that has already occurred.
Many mining companies are currently on the hunt for sizeable deposits of rare earth metals.
Despite the mining boom beginning to slow down, all hope is not lost for Australia's mining industry.
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