Iron ore prices have risen 60 per cent in four months, prompting one of the world’s biggest miners of the commodity to resume the multibillion-dollar expansion it put on hold in September when prices crashed.
The announcement by Fortescue Metals Group, an Australian miner, marks a dramatic U-turn from the pessimism of only four months ago, when its capital expenditure cutback was seen as a strong signal that the commodities supercycle led by the industrialisation and urbanisation of China was all but over.
The company said yesterday it would resume work in January to triple its production in a A$9bn expansion plan.
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