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Additionally, mining companies are facing problems such as the rapid rise in wages, which increased the cost of building and operating ore mines. With use of autonomous machinery, it is expected ...
Overall, IBISWorld estimates that a recent drastic drop in the iron ore price will cause industry revenue to fall over the five years to 2017. Over the early portion of the five years to 2022, IBISWorld expects the Iron Ore Mining industry in Canada to experience shortterm challenges while iron ore .
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The unfortunate catch 22 of the mining industry is when mines get older the costs of operating them go up. The company's iron ore division has 300 "improvement projects" on the go to assist in delivering cost reductions, according to Harding. "We are facing pressures against cost reduction.
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Global were contracted to work at Rio's Nummaldi iron ore pit in 2008/2009 to mine previously abandoned DSO, which had been difficult to recover due to an underlying waste profile.
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UK mining company Rio Tinto has announced more costcutting initiatives for its iron ore division, which will involve reduction of scheduled maintenance task times, renegotiation of service contracts, and changes to staff pay.
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