BHP Joins Rio in Cutting Ore Output Forecast as Prices Gain
- Australian iron ore output forecast cut by 4% on bad weather
- Prices surge over $60 metric ton on China economy optimism
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BHP Billiton Ltd., the world’s biggest mining company, cut its iron ore production forecast for its Australian mines by 4 percent because of bad weather and rail network maintenance, adding to bullish signals for the global market.
Output from its mines in Western Australia may be 260 million metric tons this fiscal year, Melbourne-based BHP said Wednesday in a statement. Rio Tinto Group lowered its iron ore production forecasts Tuesday, citing delays in implementing a driverless train system in the nation’s Pilbara region.