CEO of Roy Hill Mine lingers to be unstirred by the slump in iron ore futures

CANBERRA (Scrap Monster):Overnight, the price of iron ore has hit a new low for five years, stating 82.2 dollars per ton.The cause of lower price could be because of the decline in demand from Chinese industry, blame also goes to the giant Australian miners who flood the market with production.

The Roy Hill Mine, located in the Pilbara, in the Western Australia, has completed about 50% of its construction, but most probably its initial sale in the market will be a bit harsh next year. But the comment from the chief executive of Roy Hill Mine has been a bit shocking as well as surprising to the world.

 He stated that, his full concentration is now in completing the project on time and he cannot spare his valuable time in checking iron ore prices. He also stated that, as far as the company is concerned, it hasn’t started to produce the raw material or started to sell it, so they don’t have to worry about the price of iron ore, unless they have some to sell.

After the completion of construction and initiation of production, the company is planning to introduce driverless trucks and trains for the purpose of the mine’s shipments. This might provide the company a major cost cut, which will be very much useful as the price of iron is expected to remain low for a few years, the company will have to save the maximum they can.