Buying iron ore is getting more like shopping on Amazon
The world’s biggest iron ore miners are looking for novel ways of satisfying their customers and protecting market share in the $150 billion global industry.
Global exploration spending dropped 26% in last year, compared with 2013, as several juniors threw in the towel and producing miners slammed the brakes on capital and exploration expenditure.
Weak iron ore prices have become the accepted industry norm, but the world's top miner also has bad news for those hoping for a pick-up in the long term.