Also, it might help the industry counter a trend of resource nationalism in which governments want a bigger cut from mining operations, whether in the form of higher royalties or sometimes even threatening to take back mines.
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The cut was due to declining mining activity globally due to softening of metal and iron-ore prices.
Joy Global reported a 12 percent increase in third quarter earnings but the mining equipment maker cut its full-year profit and sales forecasts.
Sharp declines in commodity prices and demand for metals have led Kazakhstan's big mining companies to cut production and send thousands of workers on leave at half-pay.
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At the same time East Kalimantan, where Bayan operates, is considering plans to cap annual coal output in an effort to promote alternative energy and cut back on the damage coal mining has done to the environment.
Cummins too cut its forecast and lowered projections for mining revenue.
The miners are protesting a 64% cut in the government subsidy to the mining sector this year -- from 301 million euros to 111 million euros.
Faced with such troubles, mining houses are scrambling to restructure, cut costs, and make themselves more attractive to foreign capital.
In working to expand mining of the cavern, the company made a cut in the well casing several hundred feet above its top, said Chustz.
Newcrest Mining declined 3.2% after the gold miner cut its annual production forecast.
Ms Gillard has promised a 30% tax on iron ore and coal mining companies' profits, a tax on major polluters to help cut carbon emissions by 5% in 10 years and a broadband network for rural areas.
His firm hasn't cut staff yet, but its bankruptcy specialist recently briefed Mr. Villani and his mining-focused colleagues about a potential slew of insolvencies, should commodities prices continue to sink.
Ms Gillard plans a broadband network for rural areas, a 30% tax on iron ore and coal mining companies' profits, and a tax on major polluters to help cut carbon emissions by 5% by 2020.
He found the money by dropping the government's plan to cut company tax by a percentage point, a promise linked to a new tax on mining profits.
Mining for gold in a smaller, less competitive market, Boston's dealmakers cut rivals in all the time.
The company has announced that 12 mining operations in Kentucky and West Virginia will be idled or slowed, and 353 jobs cut.
Australia's central bank cut interest rates four times in 2012 in an attempt to boost investment and growth in non-mining sectors such as construction.
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