Western Australia Mining Cities Go Busted with Iron Ores and Coals

(3/8/2015) It's really like a dream (黃粱一夢) for several mining cities in Western Australia. Just several years ago, these cities are booming like crazy when China had a huge appetite for importing raw materials (iron ores and coals) from commodity-rich Australia. How crazy was that booming you may ask?  "Truck driving and cooking jobs offering $100,000 a year." It was that crazy. Now, many office spaces are up for lease and temporary workers are forced to return back to their countries since the jobs are gone. As far as we can see the economic outlooks of China, there is no recovery in a near future. The iron ore's price has dropped below $60 per tonne, which is never seen for 11 years in the global market. That is why several mining companies have to mothball their mines.

For city like Perth Australia, I feel that maybe it's better this had never happened. Now the mining bubbles left the city unemployed workers (native or foreign), empty buildings, and dwindling tax incomes. A big hangover from the booming party.

Buildings in Perth Australia are almost ready, but the business is gone.

Many companies probably regret they had won mining permission or jumped in the bandwagon.