A house of cards built of iron ore

An iron ore crash will not only impact mining companies – contractors are also in the firing line.

While the mining services sector appears on track to generate decent returns for this financial year, the outlook for the next financial year is very bleak. Many contractors are seeing their order books diminish as miners shelve major projects and aggressively target cost cutting. As the pool of revenues becomes shallower, these companies will be forced to tender on lower margins in order to secure work.

But there is one project that contractors are looking to with a glimmer of hope – indeed, it is a project that has the potential to reinvigorate the mining services sector, but its approval is currently riding on a wing and a prayer.

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