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The minerals low-price environment is creating huge challenges to mining services companies.
Pressure on commodity prices has led to less opportunities coming to market and in some cases existing projects have scaled back. "Accordingly, competition for work has increased dramatically and margins have come under pressure", said Ross Carroll, CEO of Australian-based mining services company MacMahon in his latest annual report.
"We believe the next 12 months will continue to present challenges for the resources sector. Falling commodity prices (iron ore and thermal coal down 24% and 33% respectively since 2011) will continue to exert pressure on existing mines and slow down the development of new mines", he added.
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