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Rio Tinto Revises Iron Ore Shipments Guidance
11/12/2008 - Rio Tinto is revising its estimate of iron ore shipments from the Pilbara region of Western Australia to between 170 and 175 million tonnes in 2008.
Rio Tinto is revising its estimate of iron ore shipments from the Pilbara region of Western Australia to between 170 and 175 million tonnes (on a 100% basis) in 2008.
The company said that reduced demand from its customers and reduced shipments would cause the annualized run rate of iron ore production from its Pilbara mines to be reduced by approximately 10%.
"Operations continue to perform well but demand has continued to decelerate,” commented Rio Tinto Chief Executive Tom Albanese. “This reduction is a prudent move to align production with revised customer delivery requirements in the light of the fourth-quarter drop in Chinese demand.
“We believe this will be a short, sharp slowdown in China, with demand rebounding over the course of 2009, as the fundamentals of Chinese economic growth remain sound,” concluded Albanese.
Rio Tinto is a leading international mining group headquartered in the U.K., combining Rio Tinto plc and Rio Tinto Limited. Rio Tinto's business is finding, mining, and processing mineral resources. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
