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Reuters reported that BHP Billiton (NYSE:BHP) will defer its 2017 iron ore production boost, as the company reported a 20 percent rise in quarterly output and upped its full-year guidance.
Reuters reported that BHP Billiton (NYSE:BHP) will defer its 2017 iron ore production boost, as the company reported a 20 percent rise in quarterly output and upped its full-year guidance.
As quoted in the market news,
The world’s third-largest iron ore miner said its operations were performing ahead of expectations, leading it to defer a project to increase the handling capacity at its Port Hedland iron ore port.
Spot iron ore prices have fallen 60 percent over the past year following a massive rise in production, which analysts and some mining executives blame on overestimates of China’s appetite for imported ore by mega miners, such as BHP.