Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

RPT-BHP plans to mine Australia's iron ore Pilbara region for 100 years

Published 21/03/2016, 08:26 am
© Reuters.  RPT-BHP plans to mine Australia's iron ore Pilbara region for 100 years
BHP
-
FMG
-
BHPB
-
TIOc1
-

(Repeats story from Saturday, no changes to text)

SYDNEY, March 19 (Reuters) - The world's largest miner BHP Billiton (LON:BLT) BHP.AX expects to continue mining iron ore in western Australia's Pilbara for more than 100 years and will release a plan for its long-term future in the region on Monday, according to a company statement.

BHP said it had lodged a strategic environmental assessment with the Australian and Western Australia state governments for long-term mining in the Pilbara region where it operates seven mines and will release the document on March 21.

"The SEA provides greater visibility of our potential environmental footprint over the next 50 to 100 years, improving our ability, as well as the government and others in the industry, to plan for future operations," Edgar Basto, the asset president of BHP Billiton Western Australia Iron Ore, said in the statement released on Saturday.

"We expect to continue to mine in the region for more than 100 years, which enables us to give back to the communities that have supported us for so long."

A global oversupply of iron ore and a slowing economy in top consumer China hit iron ore markets hard in late 2015 with slumping prices, leaving some small miners struggling. And despite a recent surge in prices, partly as a result of improving outlook for Chinese steel demand, some miners do not believe the recover is sustainable. on Monday cut its rating on Fortescue Metals Group FMG.AX to Ba2 with a negative outlook and on Wednesday BHP's chief executive Andrew Mackenzie told a business conference in Melbourne that the industry needed to "be prepared for lower for longer" in regards to iron ore prices.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.