I remember when something like this happened when I was in high school in Colorado back in the late 1970's. The molybdenum mines were recruiting miners right out of high school, many quit school to become miners. And for awhile, it seemed like a sure-fire way to get rich quick. These kids were earning well over $100,000 a year in 1978 dollars and they were 17 or 18 years old. Their cost of living was very low, they lived in the mountains in company-provided trailers and had no recreation (no internet, no cable TV, and local TV and radio was sad) and they could not even drink legally (Colorado allowed 3.2% beer at 18, everything else at 21). They'd work for six months straight and then come down out of the mountains to party, and they threw around the money like crazy. I remember kids buying 4x4 trucks, paying cash for them, and wrecking and abandoning them before even putting license plates on them. One kid bought two trucks from the same dealer on the same weekend; after wrecking one, he just bought another; the first wasn't even insured.
However, the molybdenum boom died, and the workers were let go, and they had no education and nothing to fall back on. Just saying...
However, the molybdenum boom died, and the workers were let go, and they had no education and nothing to fall back on. Just saying...
http://online.wsj.com/article/SB100...16172350869312.html?google_editors_picks=true
MANDURAH, AustraliaOne of the fastest-growing costs in the global mining industry are workers like James Dinnison: the 25-year-old high-school dropout from Western Australia makes $200,000 a year running drills in underground mines to extract gold and other minerals.
The heavily tattooed Mr. Dinnison, who started in the mines seven years ago earning $100,000, owns a sky-blue 2009 Chevy Ute, which cost $55,000 before a $16,000 engine enhancement, and a $44,000 custom motorcycle. The price tag on his chihuahua, Dexter, which yaps at his feet: $1,200.