From the Sydney Morning Herald:
"BHP has made rapid headway on cash costs, slashing them 29 per cent in the six months to December to $US20.40 a tonne. Rio's costs were pared to just less than $US17 a tonne in the period."
Read more: http://www.smh.com.au/business/mining-and-resources/rio-tinto-and-bhp-billiton-to-drive-iron-ore-costs-down-by-another-25-20150225-13od8v.html#ixzz3StneA0PC
Looks like the race is on (with Rio) to become the lowest cost producer. It is amazing how they can suddenly (when the pressure is on) reduce costs so quickly and easily. It begs the question why they simply cannot be disciplined when the going is good. The 29% could have (should have) be going into shareholders pockets but instead was leaking away into what was potentially unnecessary high costs.
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Last
$45.06 |
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