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Aussie mining services stocks dive after poor results, profit warnings

Mining services firms have been among the worst hit by a resources downturn in Australia as their clients, the large producers, scramble to cut spending. The price of iron ore has halved in the past year while the price of oil has halved in six months.


SHARES in Australian mining services firms fell sharply on Monday after they warned they will struggle to grow revenue as big miners slash spending in the face of collapsing commodity prices.

Macmahon Holdings Ltd's shares dived 41 per cent to a record low after the firm