Reuters reported BHP Billiton (NYSE:BHP) says it will expand its iron ore production by a fifth in the next year.
As quoted in the market news:
…just by working its mines, rail lines and port harder as it looks to control costs in a softer iron ore market, the global miner’s iron ore chief said on Wednesday.
Uncertainty over iron ore prices due to stuttering demand for the steelmaking ingredient from China has prompted a rethink of expansion plans by most iron ore miners, including top global iron ore miner Vale.
Click here to read the full Reuters report.