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Rio Tinto's 4th-qtr iron ore production tumbles

Rio Tinto's 4th-qtr iron ore production tumbles

Rio Tinto, one of the world's largest miners, says iron ore production tumbled 18 percent in the fourth quarter.
Steelmakers and other manufacturers are shuttering operations amid the worst global economic downturn in at least a generation, cutting demand for iron ore.
The London-based company said Monday that there was a 10 percent drop in production at its Pilbara mine in Australia.
Rio Tinto had guided for a performance dip last November.
"We are taking firm action in response to the global economic downturn and, given the resilience of Rio Tinto's low cost assets, expect to remain well positioned when recovery comes," Chief Executive Tom Albanese said in a statement.


Updated : 2021-05-08 01:48 GMT+08:00