In this photo taken on Thursday, June 13, 2013, a worker stands at Coppabella coal mine, southwest of Mackay city, Queensland state, Australia. Falling coal prices have hastened the closure of some financially marginal mines in the region and shed thousands of jobs. AP MACKAY, Australia — The Australian mining boom built over a decade on Chinese hunger for energy and raw materials is turning into bust for many business owners as China’s cooling growth reverberates through a country accustomed to winning from the rise of an Asian economic giant. Endowed with vast mineral resources, Australia has been the envy of the Western world for avoiding recession during the global financial crisis while other wealthy countries drowned in debt. But the country now faces a potentially painful transition as it weans itself off a heavy reliance on its two biggest exports, coal and iron ore. Australia’s dilemma underscores that China’s long run of supercharged growth has given it enough weight in the world economy to create not only winners, but losers too when its own fortunes change. Trade between Australia and China equaled 7.6 percent of Australia’s $1.5 trillion economy last year, a dramatic threefold increase from a decade earlier, according to an Associated Press analysis of trade data. During that time, mining companies gushed multibillion dollar profits while jobs as mundane as maintenance commanded salaries above $120,000. Now the downside of that tight embrace is being felt across Australia’s mining heartlands and in its bustling cities. The number of Read More …
