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Olympic Dam expansion is dead

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Your Investment Property | 23 Aug 2012, 12:00 AM Agree 0
After years of speculation, South Australian investors have had to accept grim news: BHP Billiton’s Olympic Dam expansion will not be happening
  • Alistair MacLeod | 23 Aug 2012, 12:49 PM Agree 0
    What a blow to Australia, the costs associated with development now in this country are restricting Australias growth. It seems the days of the great developments like the Snowy Mountain scheme are all too long ago. While China pushes ahead in development, Australia seems to be sinking into a rut of what could of been??? Alistair MacLeod
  • Colin Smee | 23 Aug 2012, 01:01 PM Agree 0
    The commodity will not go away - it is a shame this is the course - but they will dig it up sooner or later.
    Perhaps when we become a third world nation.
  • Mark Farrelly | 23 Aug 2012, 02:20 PM Agree 0
    Relax everyone. News was a postponement not a cancellation. They are reviewing a cheaper way to do the same thing. Expect they'll announce Plan B next year. Also BHP confirmed they will spend $22.8 BILLION this year in Capital Expenditure in the same announcement. Sorry but facts often get lost among hysteria. Resource is still there, it will get dug up eventually. Remember there is still $450 BILLION being spent in Mining Investment THIS YEAR ALONE. And the boom doesn't start till we start digging the stuff up and selling it, so there's years of income to be made yet.
  • Sarah | 23 Aug 2012, 02:28 PM Agree 0
    What an enormous relief!!!
    Its just a shame the expansion stopped due to cost blow outs and not due to Australia's concern over its living environment.
    When will the obsession with ever increasing economic expansion that is raping the earth we rely on for life be seen for what it is - just more money to the extremely wealthy, while the rest of us are offered shitty mining jobs and told we should be grateful!! Are you kidding?

    And is there ANY concern for adding to the nuclear industry?? Have we already forgotten Fukushima which has spewed so much radiation into the atmosphere that the USA's EPA is considering raising the 'safe' level of radiation by a 1000 fold to avoid panic????

    When economic expansion contributes to a scorched earth policy then I'm for keeping the status quo. After all Australia has more than enough for all its people, its just distributed badly. Perhaps ask the govt to stop giving millions in handouts to car manufactorer's, tax mining companies for fuel like they tax us and spend the money on badly needed social welfare.
  • Sam | 23 Aug 2012, 02:34 PM Agree 0
    With the ridiculous high wages paid to Australian "skilled" labour at the mines, its simply unjustified. China and India have started digging in Africa and central Asia, they don't need Australias autrociously priced minerals.
  • Su Bee | 23 Aug 2012, 03:24 PM Agree 0
    A massive blow to Australia and a true sign that our red tape is scaring away growth and development. All our social welfare is bleeding the nation dry, and now we have just lost a major deal to create more income. Can the last one to leave SA please turn out the lights;-)
  • Francis | 23 Aug 2012, 05:27 PM Agree 0
    The mining boom will now settle down to a long period of stable prosperity. I would not be recommending anybody paying ridiculous prices for property in mining towns. I think a lot of them are already over priced. Far safer buying in the coastal towns like Mackay close to the mining area,s. Even Cairns has had a large economic boom from fly in miners. Because not only is BHP cutting back but Woodside is also. The boom is over now a steady prosperity. Anybody now considering paying "boom" prices for property in mining towns be warned. BHP and Woodside are telling you that the boom is over.
  • Pascoe | 23 Aug 2012, 06:49 PM Agree 0
    Don't worry, the government will give BHP the money to go ahead and than tax us to get the money back.
  • Stan | 23 Aug 2012, 08:12 PM Agree 0
    AS someone with property in roxby downs i am devastated by this news. I was well and truly expecting a boom that was about to happen and now it looks like it will be more of the same. it was a gamble, but I took it and now I have to deal with the consequences. property prices are probably going to fall and even if they don't they will hover around the mark they are now, until people start leaving the area. I would sell right this instant but I know that's what everyone else is going to be doing, so it will be a pointless exercise.
  • Stan | 23 Aug 2012, 08:16 PM Agree 0
    Well, after that cynical rant, I guess we will have to see if those smaller improvements that BHP is promising make any difference
  • James Way | 24 Aug 2012, 07:13 PM Agree 0
    You really have to worry when the world's largest mining company, and Aussie company, says that production costs are so great that they cannot keep mining in a region. It makes you really wonder what is in store for the Australian economy in the years ahead. Will we become just like England, which is battling with lowering production output and what not. Right now resources are the only thing that has been rescuing us.
  • Fandango | 24 Aug 2012, 07:23 PM Agree 0
    I woudln't be worried. As what always happens with mining institutions is that they cancel production or scale it down one yea,r but as soon as resource prices reach such a height that it makes production profitable again, they resume the mining they used to do. THere are also lots of different technologies they invent which make production a lot cheaper. I know this was going to be big for the South Australian economy but it will still happen, just not at the time many people would have expected
  • Madeline Lu | 30 Aug 2012, 04:17 PM Agree 0
    Could it be a publicity stunt to try and scare the government into scrapping the Carbon and Mining taxes?
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