Iron Ore Price Up on News BHP Will Slow Expansion

Iron Ore Price Up on News BHP Will Slow Expansion

Wednesday saw mining giant BHP Billiton release its operational review for the nine months ended March 31, 2015, and it includes at least one big surprise for investors: the company will be slowing its iron ore expansion program.

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Company News

Atlas Iron Extends Suspension of Mining

Australian Mining reported that Atlas Iron (ASX:AGO) may extend its trading halt for a further three weeks as it continues its operational and financial review.

BHP Defers 2017 Production Boost

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.

Rio Tinto Increases Iron Ore and Coal Production

Australian Mining reported that Rio Tinto (NYSE:RIO) has announced a twelve per cent increase in iron ore production, with shipments of iron ore up by nine per cent.

Arrium Sells Iron Ore at a Loss

Australian Mining reported that Arrium (ASX:ARI) sold iron ore at $9 loss per tonne during the first quarter.

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Market News

Iron Ore Price Roars Ahead reported that the spot price of iron ore rose on Wednesday despite Vale (NYSE:VALE), Rio Tinto (NYSE:RIO) and BHP Billiton (NYSE:BHP) reporting record-setting output growth.

Rio Tinto to Build Goodwill for Mongolia Mine

Mineweb reported that Rio Tinto (NYSE:RIO) has committed to spending $5 million a year to help resolve conflicts with nomadic herders and water problems that have obstructed the expansion of the copper mine in Mongolia’s South Gobi desert.

Iron Ore Miners Face ‘Existential’ Threat

Reuters reported that Goldman analysts have said in a report that apart from the three mega producers of iron ore, Vale, Rio Tinto and BHP Billiton, the rest of the iron ore industry is facing an “existential challenge”.

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