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" ... Iron ore spot prices stood at $100.56 per dry metric ton (dmt) at the end of May 2014, about 18.9% lower than a year ago. The outlook on iron ore prices remains bleak in the near term, in view of the oversupply situation.Cliffs' Response ... "
" ... On the supply side for iron ore, expansion in production by majors such as Rio Tinto and BHP Billiton despite weak Chinese demand, has created an oversupply situation. A combination of weak demand and oversupply is likely to result in lower iron ore prices in the near term. Lower iron ore prices will impact Cliffs much more than the major iron ore mining companies due to the company's higher cost of production of around $70 per ton, as compared to less than $50 per ton for Rio Tinto and BHP. Iron ore prices stood at $92.61 per dry metric ton (dmt) at the end of last month, around 32% lower than at the corresponding point of time last year. ... "
" ... The Oyu Tolgoi mine fits in well with Rio’s overall strategy. Iron ore is the company’s main offering, which accounts for over half of its revenues. However, prices of the commodity have fallen drastically over the course of last year or so due to weak demand and an oversupply situation, as major producers have ramped up production despite weak demand. Iron ore prices stood at $92.61 per dry metric ton (dmt) at the end of August 2014, around 32% lower than at the corresponding point of time a year ago. In such an environment, the company has drastically reduced its capital expenditure spending from $13 billion in 2013, to an expected $9 billion and $8 billion in 2014 and 2015 respectively. As a part of its disciplined approach to capital allocation, the company is focusing on a smaller project pipeline, which includes projects that would generate the maximum returns for the company. The Oyu Tolgoi mine is an integral part of this smaller project pipeline. The copper and gold mine provides benefits of diversification away from iron ore to Rio Tinto, by increasing the company’s exposure to copper. Copper prices have recovered after a decline earlier on in the year over fears of unwinding of copper financing deals in China. With iron ore prices expected to remain low in the medium term, developing the Oyu Tolgoi mine will reap benefits for the company. ... "