The Big Australian Mining Companies Are Tanking

Photo by Chung Sung-Jun/Getty Images.

The big Aussie miners are falling on the Australian Stock Exchange today, taking the market with them.

In early trade all the major iron ore players have seen share price falls.

Fortescue Metals Group is down 3.93% to $4.40 a share, Rio Tinto has lost 2.45% to $60.43, BHP Billiton has dropped 1.44% to $37.53 and Atlas Iron wiped off 1.73% to trade at .737 cents a short time ago.

The sell off is being fuelled by the dropping iron ore price which is nearing the $US100 a tonne mark, dropping about 25% since January, as Chinese inventory levels remain high.

The iron ore spot price was $US100.70 ($AU107.53) a tonne earlier today while the S&P/ASX 200 was down .92% to 5,428.50.

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