[miningmx.com] – BHP Billiton is slowing down its expansion plans in iron ore, the first big miner to pull back as a global supply glut sends ore prices tumbling, said Reuters.
The group said in its third quarter production report on Wednesday it would delay an Australian port project that would have boosted output by 20 million tonnes (mt), taking total output to 290mt a year by mid-2017, the news agency said.
“It is probably more a symbolic posturing position by BHP, but it also likely signals the bottom of the iron ore market, given this action is being taken by one of the lowest cost producers,” Mark Pervan, head of commodities for ANZ Bank, told Reuters.
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