Business

Palmer optimistic about mining boom

Clive Palmer
Clive Palmer

ECCENTRIC mining magnate Clive Palmer has taken a break from political commentary to put at bay concerns the mining boom is spiralling towards a miserable end.

While decreasing the interest rates by 25-basis-points on Tuesday, much to the relief of mortgage-paying Australians, Reserve Bank of Australia governor Glenn Stevens predicted the resources boom would peak next year but at a lower level than initially expected.

The comments from Australia's finance leader follow similar remarks from political leaders.

But Mr Palmer remains optimistic and spoke confidently to reporters in Brisbane about the future of Australia's resources industry.

He said migration plans in China, which would see 50 million residents move from the country to the city, would result in steady demand for minerals.

"There are no questions if those plans will be implemented. China has the money to do that," he said. "There needs to be homes with new facilities and that requires resources. So the underlying demand is there for our resources, there is no doubt about it.

"I actually go up to China; I have been up there since 1962.

"I actually talk to the government, members of the Communist Party and the leaders of the industry up there and we know what is happening.

"It is not a matter of whether the mining boom is up one year and down the next. You need to look at large projects like our iron ore in Western Australia - it's a $6-7 billion project and you don't make that sort of investment because it's a high or low market this year."

The State Government came under fire from the resources industry recently following its decision to increase royalties on coal companies.

The move is perceived as a blow to the already changing mining sphere, which has become the scene of jobs losses and development scale backs.

BHP Billiton recently decided not to progress its Red Hill mine proposal at Moranbah, which could have created hundreds of jobs.

While the Sunshine Coast-based billionaire was personally content with the money in his "piggy bank" to get him through the rest of his life, Mr Palmer said government could ruin the resources boom for others.

"It can be destroyed if politicians have too high royalties on their minerals, they don't give approvals on major projects because their frightened or scared about being reflected," he said. "The result will be our communities will suffer from higher unemployment."

Topics:  clive palmer mining boom



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