Mining boom in Australia ‘over’

Australia’s resources minister has declared the end of the country’s mining boom, after the world’s biggest miner BHP Billiton shelved two expansion plans worth $40bn (€31.7bn).

Resources and Energy minister Martin Ferguson later rowed back, saying commodity prices had peaked while investments in multi-billion dollar projects would continue, especially in the energy sector.

“The resources boom is over,” Mr Ferguson said. “We’ve done well — A$270bn (€224bn) in investment, the envy of the world. It has got tougher in the last six to 12 months.”