BHP Billiton has raised its forecast for iron ore production this financial year, betting on China’s rapid industrialization to continue to lift demand for the raw material used in everything from cars to skyscrapers, the Wall Street Journal reported Tuesday. The world’s biggest mining company expects to produce 212 million metric tons of iron ore from its Australian mines in the financial year to June 30 compared with a previous guidance of 207 million tons and actual production of 187 million tons in the past financial year, the report said. The higher guidance figures, which include the share of output of minority venture partners, reflect improvements to the company’s supply chain as well as the start of production at a new mine, Jimblebar, ahead of schedule. Fears of a hard landing in China have battered the prices of many other industrial metals over the past 18 months but those of iron ore have proved surprisingly resilient as the nation’s economy has appeared to stabilize, the report said.
– Contact HKEJ at [email protected]