SYDNEY -- Australia's output of iron ore is on pace for the first decline in two decades, driven by the Chinese slowdown and a run of bad luck at home, and this decrease threatens to end the country's record economic expansion.
BHP, the nation's second-largest producer of iron ore, said Wednesday that its output slid 2% for the full year through June, the first drop since 2002. This follows Tuesday's projection by Rio Tinto, the biggest domestic producer, of annual shipments falling by up to 5%, the first dip for Rio since tracking of comparable data began in 2001.
