Iron ore emerges from the golden era - BHP

Australian giant BHP Billiton and rival Rio Tinto concluded that the current situation in the iron ore market will continue to flood the global market with their products. As part of the plan, companies have already spent about $ 120 billion to expand their operations to both Australia and Brazil.

The price of the commodity has declined to the point where it hit its lowest levels in more than five years as the increase in supply coincided with a slowdown in economic growth in China, the world's largest iron ore exporter.

Following the BHP Billiton shareholder meeting in Adelaide, South Australia, BHP's chief executive officer, Andrew McKenzie, argued that the company had already provided information to its shareholders that the massive era of expanding iron ore was over.

However, the company is still expanding its iron ore production based on the company's most recent expansion plan approved in 2011, the company's CEO added that they plan to shift their investments to the oil and copper business.

The company also says that even in this devastating iron ore market environment, the company still manages to get its money out of the business and expects the market to stay that way for a longer period. Than previously thought.