Rio Tinto, the world’s second largest exporter of iron ore, has recently announced its Q3 results of iron ore production and exports. The miner shipped 91.3 MnT iron ore in Q3 2015 (Australian financial year July-June).
The company also aims to maintain the full year production target at 340 MnT during 2015.
The company produced 86.1 MnT iron ore in Q3 2015 which is up by 17% against Q3 2014 and shipped 91.3 MnT in Q3 2015 which has moved by 12% against Q3 2014.
Iron ore production and shipments in 1st nine months of 2015 remained at 240 MnT and 245 MnT respectively. Both, production and shipments figures are up by 11% as compared 1st nine months of 2014.
The global miner had been expanding its network of mines and infrastructure in Western Australia Pilbara region since 2014. According to company’s recent published report, Rio Tinto has also completed its key elements of Pilbara expansion from which it focuses to achieve maximum value and enhances productivity improvements.
Companies like Rio Tinto, Vale, BHP Billiton are producing low cost output, creating glut of iron ore in the global market, causing global prices to shot down. Globally, iron ore prices plunged down due to China’s slow economy. Also, it is anticipated that prices may fall further in near term due to various expansion plans and upcoming new projects by Vale and Roy Hill.
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