[miningmx.com] – BHP Billiton defended its strategy of boosting iron ore production amid falling prices for the mineral saying it maintained Australia’s competitive edge, provided jobs and income for the fiscus through royalty payments.
In an article by Bloomberg News, Jimmy Wilson, head of BHP’s iron ore division is quoted as saying that these benefits were a result of the group’s focus on raising efficiencies and cutting mining costs.
“With this strategy, we are maintaining Australia’s competitive position in the global market and providing the revenue, royalties, employment and innovation that is so important for this country’s future,’ said Wilson in the Bloomberg News article.
Iron ore sank 47% in 2014 and extended losses this year as surging low-cost supplies from BHP, Rio Tinto and Fortescue Metals, Australia’s top producers, outpaced demand growth, spurring a surplus just as China slowed, said Bloomberg News.
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