ANZ: Mining capex cliff steeper, deeper, badder

Thursday, 26 February 2015

Now they are getting it, from the AFR:

…an ANZ report on major projects for 2015 said the combined spending on projects worth more than $100 million will fall from $88 billion last year to $32 billion in 2017.

…The report forecast new LNG capital expenditure (excluding operational capital expenditure) will fall to under $5 billion by 2017 after hitting a peak of $55 billion in 2013.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.