Call for Cap on Iron Ore Production

Mining magnate Andrew Forrest has called for a cap on iron ore production cap to increase the price.

He wants to use the production cap to force China to pay a higher price indicating his company FMG could join BHP, Rio Tinto and Brazil’s Vale to cooperate in slowing the supply.

He also made a jab at Rio Tinto and BHP for trying to wipe out competition at the cost of taxpayers and their shareholders. Mr Forrest said the China would not mind the increased cost if it prevented the big three mining companies from gaining complete control of the market and wiping the smaller companies like his in the game.