Sorry to hear - hope it works out OK!
Half our chem eng graduates hired by NW were sacked before they even started...
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Sorry to hear - hope it works out OK!
Half our chem eng graduates hired by NW were sacked before they even started...
Correct. It depends on a much higher price than current prices and for it to stay that way. Obviously, the prognostication is that it will not recover sufficiently in the near term. The company got to the position itis by being cautious in bad times, and are continuing to do so.Quote:
Originally Posted by CraigE
John
The nickel price has been going down since early 2007. It was so overvalued back then ($70000 a tonne?), that every man and his dog was opening up a new mine.Quote:
Originally Posted by JDNSW
Yes, and all the optimists said "Oh! its only a temporary dip." Well, it probably is - depending on what you call temporary. As I said earlier, the critical thing is not the actual price of nickel, but the predicted price during the life of the mine. And it would be fair to say that the financial events of the last few months have resulted in a good few revisions of predictions, much lower than would have been prompted by the drop in price from 2007 to perhaps September last year. And there will be more of the same - anyone working in a business of any kind, but particularly a mine, with slim margins, should be getting worried.Quote:
Originally Posted by isuzurover
John
John
Not good news. I think all of us in the resources sector are nervous of what's happening.
To think 12 months back you could hardly get one because of market demand.Quote:
Originally Posted by isuzurover
Bummer! Hang in there Craig! Lucky (?) you've got 6 or maybe even 12 months. A lot can happen in that time.
It'll have a big effect in Ravy & Hopetoun. Bluey Jamieson's started building his new supermarket in Ravy and there's a few other projects that'll probably halt now.
A few people had to leave Hopey when the mine started when rents went from $100 per week to $600 per week. If a lot of the workforce leaves, then it'll quieten right down there. Maybe land will drop to $25,000 a lot like it was 10 years ago (when I should have bought one or two).
The ECCI is trying to organise a meeting with BHP. Not quite sure what they think they'll achieve.
Best of luck Craig.
Every cloud has a silver lining.
Andrew
That's a tough serve Craig, unfortunately a lot of people are going to be hurt this year, I hope you come out the other side OK
Thanks guy's,
Life goe's on I suppose. Will be a shame to have to leae Esperance.:(
Now you know why its called a Depression, cause what it does that to decent people by messing around with their life:mad::mad:
Well best of luck Craig, what ever happens it should all be right again by end of 2010.