[miningmx.com] – BHP Billiton CEO Andrew Mackenzie has acknowledged for the first time that his company, and other major mining firms, could have gone too far in investing in new iron ore production, said Bloomberg News.
“I do fear that other competitors have an awful lot more capital waiting in the wings to invest in expanding,” Mackenzie said earlier this week. “We do look to the future and see a degree of pressure downwards on iron-ore prices,” he said.
Having embarked on $120bn of spending on new projects since 2011, the biggest producers have so far refused to blink in the face of a worsening outlook, said Bloomberg News in an article republished by the Chicago Tribune.
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