Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
The Iron Ore Company Of Canada (IOC), based in Montreal, and London, U.K.-based Rio Tinto have approved spending $500 million to increase IOC’s annual production of iron ore concentrate to 22 million tonnes (t). The investment is the first phase of an expansion program that will see up to a 50% increase in production capability by 2011….more at MEI Online
