Mining hits a standstill: Joy Global executive

May 31, 2013 | 03:15 PM | Corinna Petry

Tags  Joy Global, Michael Sutherlin, mining, iron ore, metallurgical coal, coal, copper, mining equipment Corinna Petry

CHICAGO — The mining sector, perhaps with the exception of copper, has reached a standstill, one executive said.

The outlook for mining equipment sales is dominated by such factors as surplus mine capacity for many commodities such as metallurgical coal and iron ore, which is putting downward pressure on prices as well as miners’ margins and their cash flow, according to Michael W. Sutherlin, president and chief executive officer of equipment manufacturer Joy Global Inc.

"Capex spending on mining equipment is down 40 to 50 percent," he said during the company’s May 30 quarterly conference call. "The mining industry (has) hit its brakes."....

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