Australian resources boom under question

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The Australian resources boom is continuing its strong streak and one Chinese commodities trader is capitalizing on the healthy market, according to a published report.

Jerry Ren hold exploration rights over millions of acres in the most isolated of regions in the South Pacific nation, Reuters reports. A sizable payday likely is in the offing, which would be facilitated by his connections with China, the globe’s largest buyer of minerals.

“There’s still plenty of money and opportunity in Australia if you know where to look,” Ren told the publication. He is known as the “$900-million-dollar-man,” which points to the approximation of his net worth.

The International Business Times reports the mining boom in the South Pacific nation is on the wane. China is slated to release industrial profit data from July on Tuesday.

The economy of Australia is largely underpinned by the mining sector, making the nation and its monetary unit sensitive to the industry’s developments. China and the South Pacific nation share strong commerce and trade relations.

New Zealand is slated to release economic data on Tuesday regarding trade from last month.

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