Reported about 8 hours ago
Rio Tinto, the leading iron ore exporter globally, announced a 1% decline in fourth-quarter shipments to 85.7 million tons, attributed to weak demand from China and production cuts at some mines. Despite this, copper production surged by 26%, driven by improved quality at its Escondida mine in Chile and increased output from the Oyu Tolgoi project in Mongolia. China's mixed economic signals and ongoing housing market issues pose challenges, yet Rio plans to progress with new mining developments. The total annual iron ore shipments for 2024 stood at 328.6 million tons, maintaining guidance despite the metal's poor performance.
Source: YAHOO