Gloom hits services firms as Australia’s mining boom peaks

A spate of profit warnings from Australian mining services firms suggests the country’s “once-in-a-century” resources spending boom may have peaked sooner than companies, economists and policymakers had expected.

Australia has been bracing for a slowdown in its massive pipeline of investment for resource projects - liquefied natural gas, iron ore and coal in particular - as developments come on stream and as signs of a slowdown in demand from top commodities consumer China weigh on prices.

via Business feed http://www.scmp.com/business/economy/article/1242729/gloom-hits-services-firms-australias-mining-boom-peaks