MEXICO CITY--Mining Sector on Brink of Collapse, 1.7 Million Jobs at Risk-Rise in Crude Has Increased Cost by 30%greenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
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Mining Sector on the Brink of Collapse, 1.7 Million Jobs at Risk
Story Filed: Friday, March 17, 2000 9:00 PM EST
MEXICO CITY, Mar. 17 (Reforma/Infolatina)-- The Mexican mining industry is on the brink of collapse, placing 1.7 million jobs at risk, said the president of the Mexican Chamber of Mining, Jose Rivero. Rivero blamed the crisis on the overvaluation of the Mexican currency, the lack of financing and the high level of costs. The rise in crude oil prices have increased costs for mining companies by an average of 30 percent. A major number of small and medium companies in the industry have already collapsed, said Rivero.
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-- (Dee360Degree@aol.com), March 17, 2000
A lot of people would argue this point, but, to me, this is a classic example of the y2k domino theory in motion. I accept it as such, no matter the official excuses. And, fuel prices are only part of the real reasons.
When you think, Holy Cow, 1.7 million jobs involved, you get a glimpse of the worldwide economic collapse that could well be coming.
-- Uncle Fred (email@example.com), March 18, 2000.