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BHP to keep iron ore running over Christmas despite Rio suspension

Reuters - UK Focus

SYDNEY, Nov 16 (Reuters) - BHP Billiton (NYSE: BBL - news) will run its iron ore mines full speed through the end of the year rather than follow rival Rio Tinto (LSE: RIO.L - news) in suspending some operations in Australia over Christmas amid a surge in global prices for the commodity, the company said on Wednesday.

"It is business as usual for us," a BHP spokeswoman said.

About 440 workers and contractors at Rio Tinto's Hope Downs 4 mine in Western Australia were told by management that there would be a two-week shutdown over Christmas, with staff directed to take leave, Rio Tinto confirmed on Wednesday.

Rio Tinto is Australia's biggest iron ore miner, followed by BHP, then Fortescue Metals Group. Fortescue could not be immediately reached for comment.

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Iron ore futures in China this week climbed to their highest in nearly three years, supported by stronger prices of steel.

Rio Tinto and BHP produce a range of mineral commodities but derive the highest revenue from iron ore. Fortescue's sole business is iron ore mining.

The interruption will mark the first time Rio Tinto has suspended mining since 2008 during the global financial crisis when iron ore prices tanked.

A Rio Tinto spokesman said the Hope Downs 4 mine was on track to meet its 2016 production target despite the furlough. (Reporting by James Regan; Editing by Toni Reinhold)