Iron Slump Doesn’t Deter Glut, Australian Mines Growing

An ever expanding glut of iron ore has failed to deter mines and mine production in Australia as the country looks to maintain exports to help its economy.

According to Bloomberg:

While some high-cost operations have closed and demand is slowing, there are enough producers making money to extend a global surplus for another four years, after companies spent about $120 billion since 2011 to expand mines, according to Goldman Sachs Group Inc. More than 80 percent of global production is still profitable, Bloomberg Intelligence says.

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