Tends to happen when there is a price boom, they build excessive capacity and then strangely expect the market to pay the boom price. Saw that in my Uncle Scrooge comics.
Quote:
Minas-Rio From Wikipedia, the free encyclopedia
Minas-Rio is an iron ore mining project in Brazil.[1] It is one of the world's largest mining projects, and is initially expected to export 26.5 million tonnes of iron ore in 2013, through a 525 km slurry pipeline to a port at Açu;[2] production potential is 53 Mtpa or higher.[3]
The project was bought by Anglo American PLC, which is facing high costs.[4][5] The mine has certified reserves of 4.6 billion tonnes of itabirite.[6]
There have been delays in starting the project, but in December 2010, Anglo American obtained a key license needed from Brazilian government before mining could start.[7][8]
Carroll is proud of Minas-Rio is an article in the SUNDAY TIMES and speaks about a money spinner and that in 2016 the project will start up.
The fat lady will be singing something shocking! I still remember guys taking about the bust after the earlier commodities boom back in the 70's. These people can't add 2+2 and get 4!
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
Count, to be honest, I think the GFC is finally here to stay long term.
We thought, or more like the pseudo-economists here said, we escaped the effects or the worse effects of the GFC.......well, welcome to the new normal.
It took 4 years from 2008 to get down here, but here it fukkin is in full bloom, no doubt now.
Count, to be honest, I think the GFC is finally here to stay long term.
We thought, or more like the pseudo-economists here said, we escaped the effects or the worse effects of the GFC.......well, welcome to the new normal.
It took 4 years from 2008 to get down here, but here it fukkin is in full bloom, no doubt now.
At this point in time it seems premature to me to believe all of the hype about fracking where so many apparently knowledgeable folk have said fracked wells will quickly deplete and require more and more drilling to keep producing. Fracking in the US could be just one of those shovel ready projects the US government urgently needed to maintain a mind boggling stimulus programme after the GFC.
Are we really going to see our world transformed by cheap energy?
We'll be lucky if they don't do fracking here yet. Far better for us they use Americans as test dummies. In years to come when the safety and environment concerns are dealt with and the technology is improved. Then it will probably be safe to use here.
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
Count the truth is that the results of the FEED and drilling fracking were not properly analyzed and the research done which no doubt was hoky and with mixed results was taken as gospel and the results trumped up significantly.
Now as that Halliburton exec who admits that our coal seams are not permeable and the quality of coal beds and seams is questionable is only coming out now!.............' Mr Boendermaker, a former Halliburton executive, said one of the main reasons for the poor well performance was that the coal was not as homogeneous as expected, and less permeable than expected.'
So in other words our coal seams are not ideal for fracking.
I wasnt talking about fracking in Australia but rather the fracking in the USA which is weakening the oil price and therefore making liquified gas less attractive.
Count the truth is that the results of the FEED and drilling fracking were not properly analyzed and the research done which no doubt was hoky and with mixed results was taken as gospel and the results trumped up significantly.
Now as that Halliburton exec who admits that our coal seams are not permeable and the quality of coal beds and seams is questionable is only coming out now!.............' Mr Boendermaker, a former Halliburton executive, said one of the main reasons for the poor well performance was that the coal was not as homogeneous as expected, and less permeable than expected.'
So in other words our coal seams are not ideal for fracking.
Well Australia's geology is very different from most parts of the world. To put it imaginatively this a very old and worn down continent. On the plus side the ore resources are easy to access.
The next trick of our glorious banks will be to charge us a fee for using net bank!!! You are no longer customer, you are property!!!
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