The miner feared that the commodities boom would finally end this year, with prices expected to keep falling as “downside risks to demand” emerge.
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The price of iron ore contracts in Singapore has fallen more than 46 percent from its most recent peak in March.in Singapore to $90.30 a tonne before recovering to $91.40 by midday. This is a big setback for the miner, with China being the biggest market for Australian iron ore producers. Some of the group’s resources were produced in higher numbers than this time last year, such as mined copper and titanium dioxide slag, however, its staple goods, such as iron ore, bauxite and aluminum, were all down.Alongside its trading update, the miner announced it had entered a deal with Australian rival Wright Prospecting to extract resources from “one of the biggest and best-undeveloped iron ore deposits on the planet” at Rhodes Ridge in the Pilbara.
It company has been plagued with scandal following its destruction of a sacred Aboriginal cave system last year, which sat on top of around £75m worth of high-grade iron ore.
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