BHP warns Australian mining not ready for low-cost competitors
The boom in demand from China’s industrialization is now “past the period of aggressive growth,” BHP’s Australia President said.
Fortescue Metals Group Ltd said on Friday it had restarted operations at its Solomon Hub site in Western Australia, a day after a worker died at the site, adding that its cost and output forecasts for fiscal 2022 remained unchanged.
The world’s No.4 iron ore miner was forced to temporarily halt work at Solomon Hub after a worker lost his life following a ground collapse on Thursday, prompting an investigation by the state’s mining department and police.
The pause also partly led to a spike in iron ore prices on Thursday.
“Ore processing activity has recommenced and mining activity is progressively resuming. Fortescue continues to work closely with all relevant authorities on the incident investigation,” the miner said in a statement.
The Solomon Hub comprises of the Firetail, Kings Valley and Queens Valley mines, which together have a production capacity of 75 million tonnes of iron ore a year.
(By Shashwat Awasthi; Editing by Rashmi Aich and Ramakrishnan M.)
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