There May Be a Bit of Oversupply in the Iron Ore Market (RIO; BHP; VALE)

Or, as Australia's MacroBusiness put it:
Ore deluge begins

Rio’s Q2 production report is out and there’s no stopping the iron ore deluge. Rio confirmed its guidance for 2013 at 265 tonnes:

• Record first half iron or production, shipments and rail volumes despite conveyor belt breakage resulting in one of five ship loaders being side-lined for almost three weeks in and unseasonal wet weather which led to flooding in the Pilbara.
• Expansion of Pilbara capacity to 290 million tonnes per year remains on budget and on time to deliver first tonnages bu the end of the third quarter of this year. Delivery of first tonnages will be followed by a steady commissioning and ramp up period.

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Earlier this morning MacroBusiness was reporting:
BHP brings forward ore deluge

See also last month's "Iron Ore: Vale to INCREASE Production In the Face of Weakness (VALE; BHP; RIO)" and April's Mining: "BHP to Go Hell-for-leather on Output" and "As Miners Mismanage Their Assets Into Overproduction Private Equity is Set To Pounce (BHP; GLEN; RIO)"