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A mine worker inspects conveyer belts transporting iron ore at the Fortescue Solomon iron ore mine located in Western Australia.
A mine worker inspects conveyer belts transporting iron ore at the Fortescue Solomon iron ore mine located in Western Australia.
(DAVID GRAY/REUTERS)

Don’t panic about Australian miners’ sudden slump: Credit Suisse

It didn’t take long for a freak-out to ensue. As soon as Australian markets opened on Monday morning, the country’s big diversified miners took a beating because of heightened fears about China’s cooling economy.

Since the opening bell that morning, shares of Rio Tinto Ltd. slumped 7 per cent, while Fortescue Metals Group Ltd.’s dropped 11 per cent.