Mining Explosives Industry Drops By 1% As China Wants To ‘Melt Down’ Industry article Mining explosives industry drops by 1% in the last two weeks as China seeks to ‘melt down’ its economy, according to a new report by Bloomberg.
“Chinese authorities have intensified their crackdown on businesses that do business in mines and are not complying with Chinese rules,” said Paul Hirsch, senior research analyst at Bernstein Research.
“This crackdown is having a chilling effect on business growth in the Chinese mining sector.
In March, BC Mining reported revenue of $16.7 million and a net loss of $11.9 million.
This was the first time the BC Mining Industry had lost $11 million or more in the first half of a year.
It is expected to post a loss of up to $3.2 million in 2019, according the BC Mine and Energy Association.”
Mining industry growth in Canada has been slow to pick up since the recession.
The BC Mining industry lost $1.6 billion in 2019.
The province’s economic downturn has slowed the industry’s growth by almost half.
As of January, mining companies accounted for just 2.5% of BC’s gross domestic product, down from more than 14% in 2015.
That’s according to the BC Minerals Council, which also says BC’s mining boom has slowed.
“BC mining is now down to 1.8% of GDP,” the council said.
“The BC Mining Association (BMA) is urging BC businesses to accelerate their plans to grow in order to meet the challenges ahead, such as job creation and economic recovery.”
The BC government has already set a goal of having a mining boom in the province by 2020, which means the BC industry is unlikely to have a large boost in employment in the future.