Contractor collateral in mining's stark retreat

As Transfield joined its peers in slashing profit forecasts, the market has reacted ferociously. But conditions for mining contractors will soon be much tougher than they are now.

It’s no great shock that the big contracting firms have been revising their earnings over the past week. What has shocked the market, however, has been the extent of the cuts to their forecasts.

Transfield Services became the latest of a string of contractors to slash its guidance for this year, from a range of $85-$90 million to $62-$65 million.

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