[miningmx.com] – BHP Billiton increased its full-year iron ore production target 2% to 217 million tonnes (mt) after beating analyst expectations for third quarter output which was 23% higher year-on-year, said Bloomberg News.
The world’s largest miner reported iron ore output of 49.6mt for the three months ended March which compares to March quarter output in 2013 of 40.2mt. Analysts were expecting 48.3mt for the 2014 March quarter, said the newswire.
“BHP is not too concerned about short-term supply or short-term pricing in the iron ore market,’ Peter Esho, chief market analyst at Invast Securities told Bloomberg News.
“They are a globally dominant supplier of iron ore and they can withstand pricing pressure because their cost of production is a lot stronger than peers,’ he said.
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