BHP Billiton Ltd (BHP.AX), the world's biggest miner, reported that the company has approved $1.93 billion of capital expenditure to expedite growth of its Western Australia iron ore business, reflecting continued strong demand for the commodity.

The press release is quoted as saying:

Analysts forecast contract iron ore prices under negotiation with steel mills could rise by 40 percent or more this year as the global economy recovers, steelmakers ramp up production and miners struggle to keep pace.

Click here to access the entire press release ^[1]