Mining shares are crashing on this Australian update

An update from Australia's third biggest copper producer, Oz Minerals, has investors panicked.

Last night the company announced a disappointing results, alongisde a poor outlook for its flagship mine, Prominent Hill (pictured).

Societe Generale's Sebastien Galy says that this indicates over capacity, and that "such over capacity exists also on the transformation side also in China (steel) in large quantities."

Those fears have seen FTSE 100 listed miners drop, including Aggreko (-2.0 per cent), Randgold Resources (-1.9 per cent), Anglo American (-1.3 per cent), BHP Billiton (-1.1 per cent), Rio Tinto (-1.0 per cent), and Antofagasta Holdings (-0.7 per cent).