BHP May Need to Spend Another A$3 Bln on Iron Ore Expansion
Nov. 22 (Bloomberg) -- BHP Billiton, the world's third- largest iron ore exporter, said it may need to spend another A$3 billion ($2.2 billion) expanding its iron ore mines to meet rising global demand, led by Chinese steelmakers.
BHP Billiton and its partners are already spending A$3 billion on expansion, Graeme Hunt, president of the company's iron ore division, said today at a Metal Bulletin Plc conference in Perth, Australia.
``The expectation is that's probably only half of the investment that may be necessary to support the growth in demand,'' Hunt said, without giving further details.
Melbourne-based BHP Billiton and rivals Cia. Vale do Rio Doce and Rio Tinto Group are spending billions on new mines, railroads and ports after iron ore prices rose 71.5 percent this year, helping them post record profits.
another a$3 bln on iron ore expansion
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