Cost reduction and innovation critical in face of volatility

摘要

For miners operating both in Australia and globally, 2014 will continue to present challenging market conditions as volatility becomes the new normal. Years of volume growth at any expense has led to an explosion in the cost of doing business and significantly reduced industry productivity, a situation that came to a head in the past 18 months as commodity prices declined (albeit temporarily for iron ore), massive asset impairments were recorded and shareholders agitated for change.