Australian iron ore mining exploration annoyed with plans to delays of delivery iron ore mine from Australian.

Postponement plans of delivery iron ore mine from Australian reported on by Australian Company, Mount Gibson.

In a potentially alarming sign for the Australian economy, the company said demand in China had slowed due to ” reductions in steel production and the current significant build-up of iron ore stockpiles at Chinese ports”.

While Australia’s biggest iron ore producers - Rio, BHP and Fortescue - have not to date admitted to any impact of the global economic crisis on their order books, the statement from Gibson was enough to trigger a stock sell-off among small and medium-sized producers.

The developments came as a meeting of the G20 nations was called in Washington this weekend in a fresh bid to find answers to the financial crisis. Treasurer Wayne Swan, who is already in the US, will represent Australia at the gathering of G20 finance ministers.

The meeting was called as financial markets continued to be buffeted by fear yesterday after Wednesday’s coordinated move by central banks around the world to cut interest rates.

While some Asian markets showed signs of steadying, Australian shares were hammered again, with the S&P/ASX200 index tumbling another 1.53% on the concerns about Chinese demand for iron ore and the Commonwealth Bank’s $2.1 billion purchase of BankWest.

But the Australian dollar appeared to benefit from the worldwide rate cut, climbing back above 70 US cents last night after slipping as low as 64.54 cents overnight on Wednesday. European markets were also on the rebound last night, with London up more than 1% and Paris more than 2% around midnight Melbourne time.

Earlier, Prime Minister Kevin Rudd gave assurances that Australia’s financial system was strong and the country well placed to withstand global shocks. And he tried to scotch talk of an Australian recession.

“We have no information available to us which causes us to conclude other than that we will continue to generate positive economic growth in this country,” Mr Rudd said.

He conceded that the collapse of superannuation savings was “one of the really bad developments” out of the crisis.

The Government was working on long-term reform of super policy but he did not want to raise false hopes of what could be done now.

The Government is advising worried self-funded retirees to contact Centrelink for advice, including on whether they may be eligible for a part pension.

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