From the AFR:
BHP Billiton is on track to deliver an average of 10 per cent annual volume growth to the end of the 2014 financial year after reporting strong production in the December quarter.
The miner beat expectations for iron ore production in the December quarter by more than 1 million tonnes, with Pilbara output reaching a record 46.3 million tonnes including the share held by joint venture partners. That is the equivalent of an annualised rate of around 185 million tonnes.
10% from BHP, 15% from RIO. As much as 15o% from FMG. Believe it or not, it’s well above 100 million tonnes coming on line in the next twelve months and as much as double that depending upon FMG’s progress. And that’s only Australia.
That’s why nobody trusts the rally.
