IRON-ORE
The Minerals Council of Australia (MCA) has rejected the notion of capping iron-ore production in the Pilbara in the hopes of alleviating the price crash.
MCA CEO Brendan Pearson pointed out to the Committee for Economic Development of Australia (CEDA) that Australia accounted for only 20% of global iron-ore production. If iron-ore production were to be capped at 2010/11 levels, about A$50-billion in export revenue would be lost within just three years.
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