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From the lastest JPM report:

In contrast, the iron ore miners continue to pursue growth:

? Vale: Vale is planning on lifting total capacity from ~310Mtpa to 469Mtpa by 2015. While its 2015 target has already been brought down from 522Mtpa, it still represents annual growth of 11% over the next four years.

? Rio Tinto: Rio Tinto’s capacity in the Pilbara region of Western Australia is currently 230Mtpa (100% basis). The company is looking to grow production in the region to 353Mtpa by 1H 2015. This represents compound annual growth of 15%. Outside of WA, Rio Tinto also has interests in the 95Mtpa Simandou development project in Guinea which is targeted to come online (in meaningful quantities) in the second half of the decade.

? BHP Billiton: BHP Billiton currently has a system capacity of ~180Mtpa from its WA Iron Ore operations. The company plans on filling its 240Mtpa of allocated capacity at Port Hedland by ~2017. Beyond that, the company is looking to develop the Outer Harbour which could initially add 100Mtpa of capacity by the end of the decade.

? Fortescue Metals: Fortescue is in the final stages of construction of a major expansion project to lift capacity from 55mtpa to 155mtpa. The company has targeted the expanded capacity by June 2013.

We generally include delays to most of the expansion projects; however, as shown below, these more conservative iron ore production forecasts still call for 8% compound annual growth between now and 2015