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BHP Dec qtr iron ore output up 16 pct as world glut mounts

Reuters - UK Focus

SYDNEY, Jan 21 (Reuters) - BHP Billiton (NYSE: BBL - news) said on Wednesday iron ore output climbed 16 percent to 56.35 million tonnes in the December quarter, fuelling concerns big mining houses would continue to saturate an already over-supplied global market

The world's third biggest iron ore miner also said it would boost annual output by 11 percent in fiscal 2015 to a total 225 million tonnes.

The sharp quarterly increase over the year-ago period comes a day after Rio Tinto (Xetra: 855018 - news) unveiled a 12 percent rise in quarterly output. Iron ore prices have dropped to around $68 a tonne from $135 a year ago.

Analysts estimate oversupply had reached as much as 60 million tonnes by the end of 2014, with mines in China also running hard, despite a cost disadvantage to foreign producers. (Reporting by James Regan; Editing by Richard Pullin)