Worldwide supply and demand for iron ore, gold and coal helped to drive the boom in the mining cycle. However during the past year mining companies have continued to watch the prices of these drop daily.
With many new companies folding due to over exposing themselves to excessive financial risk, old hands in the industry acknowledge that the drop in prices may finally be leveling out.
With demand for steel from China dropping and suggestions that it will continue to do so, experts from the mining industry are optimistically suggesting that prices have reached as low as they will go at US$45 per tonne for iron ore and settle around US$55-65 per tonne on average.
While seeing another mining boom on the horizon is highly unlikely, reports say that iron ore will slowly regain some of the value it has lost but that prices on coal, oil and gas will continue to fall for years to come.