From the Wall Street Journal:
- BHP has outlined plans to lift its iron-ore capacity by nearly 30% without building any new mines
- Says it will keep digging more tons of iron ore out of the ground, even as the steep drop in prices pushes smaller rivals to the wall
- BHP Monday declared its intention to ship the steelmaking ingredient to China at lower costs than Rio Tinto
More at the link (but it may be gated)
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Doesn’t look the price of iron ore is going to rebound any time soon
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Added:
- BHP Billiton has announced it will boost production by an additional 65 million tonnes over the next three years.
- At the same time, it says it will cut costs by 25 per cent.
- Rival miner Rio Tinto announced plans last week to ship a further 40,000 tonnes a year by 2015.
