Arrium cuts capex, sales volumes to combat low iron-ore prices

ASX-listed Arrium Mining and Materials on Monday announced a significant reduction in capital expenditure (capex), as well as the potential divestment of assets to combat the falling iron-ore prices. The company said that despite the redesign of its South Australian hematite operations, which included the mothballing of the Southern Iron mining operation, and subsequent work to decrease operating costs, it had to do more to make the operations viable.