Want to spend a few billion dollars on a resource project in Australia? Well, get ready to do your homework, take financial risks, and fight in the war for talent.
Want to spend a few billion dollars on a resource project in Australia? Well, get ready to do your homework, take financial risks, and fight in the war for talent because the years ahead will be like the mining boom on steroids.
Since the mining boom of the early 2000s it has been harder to get people to remote sites. “People don’t like FIFO [fly in, fly out] anymore,” Mr Kwak said. “Number one is immigration,” he said. “When the borders shut, it was impossible to bring labour into the country.”One pandemic-induced problem Mr Kwak expects to diminish is frozen supply chains that have produced shortages and delays that causes chaos across the world’s interconnected economies.
However, he sees the squeeze being tightest in Australia with the mining, energy and infrastructure sectors all buoyant at the same time. “It’s going to be the mining boom on steroids,” he said. “You’ve got to go with simple stuff that’s been done before, there’s not the risk in it,” Mr Kwak said. The owners will need to ensure the planning is done right in the office and not hurry to commit to a project and leave construction contractors with years of unexpected problems.
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