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BHP Biliton, Rio Tinto iron ore expansion wins support

On Wednesday, Argus to the media, acted as guarantor of both BHP Biliton as well as to Rio Tinto, supporting their actions regarding aggressive expansion of mines and increasing the supply of iron ore in the market, which is now much higher than the global demand. His support was also carried on and backed by the Australian Foundation Investment Company, one of the biggest investors of Rio, the company’s managing director, Ross Barker. Barker stated that the company was very much well managed and moreover that, it has also expressed its doubts and logic of the deal.

Ivan Glasenberg, the chief executive of Glencore, had attacked both Rio Tinto and BHP Billiton, by his words, stating that, both the companies’ increase in production would, further, drag down the iron ore price, as it is now 40 percent lower, a five year low.

It is clearly known to all that, Glencore is trying to bring out shadows on the 182 billion dollars worth project of Rio Tinto, by creating a doubt on the expansion and management strategy of the company. Baker stated that the argument stated by the CEO of Glencore was a very much resistable argument, so in that case the investment company is sure that, the company, Rio Tinto would not end up  by making a wrong decision.

Source:Scrap Monster

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