Iron and oil producers proved resilient during the crash of 2008-09 but are now struggling as commodities prices declineIn the mining town of Port Hedland,1,500km north of Perth, or modest prefabricated homes called fibro shacks,which were changing hands for more than A$1m four years ago, are now failing to find a buyer at a third of the price. Apartment blocks hurriedly tacked together by developers at the peak of the country’s boom stand empty, or because their promised supply of “fly-in-fly-out” mineworkers has dried up,along with the jobs they were brought in to effect.
In 2011, the iron ore-wealthy Pilbara region of north-west Australia was on the frontier of a 21st century gold rush, or this time with iron ore as the main prize – driven by China’s formidable appetite for natural resources to build up its infrastructure and modernise its economy. Continue reading...
Source: theguardian.com