China’s Belt and Road Initiative Unlikely to Slow Commodity Demand Headwinds
Much has been written about China’s Belt and Road Initiative, or BRI--formerly known as the One Belt and One Road Initiative--but we think much of the overwhelmingly positive commentary lacks context and is wide of the mark. Major iron ore miners such as BHP Billiton, Rio Tinto, and Fortescue all expect BRI to drive further growth in steel demand in China, and in turn support growing demand for iron ore. BHP expects China’s steel demand to continue to grow at about 1% per year until the middle o...Fortescue Metals Group is an iron ore producer. As of June 30 2016, Co.'s operations had four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges and the Solomon Hub, in the Hamersley Ranges, includes the Firetail and Kings Valley mines. Co. owns and operates an integrated supply chain including its Herb Elliott Port in Port Hedland and a heavy haul railway with over 620km of track. As of June 30 2016, Co.'s total hematite ore proved and probable reserves were 2.17 billion tonnes. Also, as of June 30 2016, Co.'s total magnetite ore proved and probable reserves were 705.0 million tonnes.
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