Pursuits
Mining Truck Tires Pricier Than Porsches, Miami Condominiums
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China’s insatiable demand for commodities has prompted a tripling in the price of mining truck tires, making them more expensive than a Porsche 911 Carrera S type or a condominium in Miami.
Prices for tires about 3.5 meters (11 feet) across, used on the Caterpillar Inc. trucks that haul iron ore and coal, have touched $100,000 on the spot market, according to Leighton Holdings Ltd., a contractor for mining companies including BHP Billiton Ltd. and Anglo American Ltd. Prices rose as high as $150,000 in 2008.