[miningmx.com] – THE era of heavy spending in the iron ore industry was over, said Bloomberg News citing comments by Andrew Mackenzie, CEO of BHP Billiton which is one of the largest producers of the mineral.
“Our company has been very clear that the time for massive expansions of iron ore are over,’ Mackenzie told Bloomberg News following BHP Billiton’s annual general meeting in Sydney.
Mackenzie added, however, that mining iron ore was still a viable business despite the fact prices for the mineral have fallen lately to five-year lows. “At these prices, we still have a very decent business,’ Mackenzie said.
BHP Billiton and its rivals in iron ore production, Rio Tinto and Vale, have spent about $120m boosting capacity at their iron ore mines, said Bloomberg News.
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