Faltering growth in China hits demand for iron ore

The economic fallout of the eurozone debt crisis and sluggish growth of the American economy are being blamed for slowdown in China, faltering growth that is hitting the world's mining companies.

Last week Australia's resources minister, Martin Ferguson, declared the mining boom is over and for a country that has enjoyed economic growth supplying commodities to China his remarks made many take notice.

Jay Hambro, the chairman of IRC, a sino-Russian iron ore producer, has been telling BBC Asia Business Report how his business has been impacted.