Mining freefall taking toll on rubber industry

It wasn’t pretty in the mining industry during 2014 or 2015.

Producers of rubber products such as conveyor belts for the mining industry experienced very difficult times. Added to the companies’ displeasure has been the downturn in the oil and gas sector, where a number also have a stake.

Expect more of the same in 2016, although there could be a slight improvement, some manufacturers of rubber goods said in recent interviews. But then again, anything is an improvement over dismal.

For the mining industry globally, a bad year ended on a bleak note. Mine giant Anglo American said in early December it would cut as many as 85,000 jobs from its work force of about 135,000 as it overhauled its business. A drop in commodity prices led to that decision, according to the London-based firm, one of the world’s largest mining companies.