From The Oz’n’Chips:
Australian Bauxite has mothballed its mine in northeastern Tasmania, the state government says.
“Production at the mine has been suspended after the company failed to secure a buyer for its first shipment of bauxite products due to Chinese refineries stockpiling larger inventories of bauxite,” acting Resources Minister Rene Hidding said on Wednesday.
The government tried to help find an alternative market but the task proved too difficult, forcing Australian Bauxite to place the Bald Hill mine in care and maintenance mode for now, he said.
This comes just days after the Gindalbie Metals gave notice that their Chinese “supporters” have pulled the rug out. More to come as the mining boom unwinds and excess capacity is gobbled up.
Although an interesting one-two punch, its when you see mines close, shares de-listed and the likes of Pascoe et al saying don’t buy mining stocks each and every day, THAT is the bottom.
This is just the approach to the landing, and the airport is a long, long way away.