Credit: Shutterstock photoAustralia's mining sector would likely be in a gloomy mood on Friday, Dec 21, 2012. However, the cause of the downcast outlook is not because the miners believe in the Mayan forecast that the world would end that day, but over the pull out of a major Chinese investor in a resource project in Western Australia.
The Metallurgical Corporation of China said on Thursday that it would shelve its $3 billion iron ore project in Western Australia, the Cape Lambert iron ore venture, due to rising costs. The Chinese miner bought the project from Perth businessman Tony Sage in 2008 for $400 million.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
