Massive iron ore expansion over: BHP

Monday, 24 November, 2014

BHP CEO Andrew Mackenzie is not concerned about record low prices for iron ore, but he admits that the time for massive expansion has ended.

Speaking at the company’s annual general meeting, Mackenzie said that $70 a tonne for the commodity still represented a “very decent business”, but that BHP had eased back on further iron ore expansions three years ago.

“Our company has been very clear that the time for massive ­expansions of iron ore is over and we have shifted our investment into the energy sector, predominantly copper and petroleum, and we started doing that three years ago.

“We have been incredibly successful with productivity in our iron ore business and that means we can produce a lot more than we originally thought we would be able to do, both from long-­established assets and stuff we have subsequently invested in, and that is something we will continue with,” he said.

Related News

JCU develops 'world first' bendable ceramic

James Cook University has announced that its engineers have developed a groundbreaking bendable...

Bayan licenses Australian solar cell recycling technology

Bayan Mining and Minerals has announced that it has reached an agreement to exclusively license...

Nuclear places Australia's aluminium smelters at risk: analysis

Analysis commissioned by Renew Australia for All has warned that prioritising nuclear energy over...


  • All content Copyright © 2025 Westwick-Farrow Pty Ltd