Fortescue Metals Group chairman Andrew Forrest says iron ore miners Rio Tinto and BHP Billiton are responsible for 'talking down' the iron ore price.
Appearing on Richo and Jones on Sky News Australia on Tuesday, Mr Forrest accused the big miners of acting irresponsibly and blamed them for creating an oversupply of the commodity.
'You've seen the iron ore stock piles in China only about a month's supply or less over the last 9-12 months but you've seen the iron ore price come down by over double - now why's that? The reason for that is the multinationals have been talking it down', he said.
'They've been hairy-chested and saying we're going to trash the iron ore price through over supply and oversupplying for years and years or I want to be the last man standing, well that's fine but that's hurting Australia badly.'
Mr Forrest also said China is wondering why BHP Billiton and Rio Tinto are engaging in what he describes as 'self-harming behavior' and believes the price of the commodity will continue to be smashed until the big miners change their policy.
Source: Sky news
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