Tuesday, March 10, 2015

Rio, BHP slam Fortescue over supply

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PERTH,: Australia’s largest iron ore producers Rio Tinto and BHP Billiton have rounded on rival Fortescue Metals Group as they fend off accusations of flooding the market and hurting local producers.

Fortescue chief executive Nev Power in February publicly attacked Rio and BHP for increasing iron ore supplies while prices tumbled.

But Rio Tinto’s iron ore boss Andrew Harding has hit back, blaming Fortescue for increasing the global glut of iron ore.

"Rio Tinto, of the top three suppliers out of Western Australia, is the third largest increaser of supply in the market and FMG are actually the largest," Mr Harding told reporters at an industry conference in Perth.

His counterpart at BHP, Jimmy Wilson, also singled out Fortescue, the nation’s third biggest producer, for flooding the market.

"FMG is the most prolific grower," he said.

"Who knows where FMG’s going to go to." - AAP
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Author: verified_user

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