Bloomberg reported that the world’s largest iron-ore producer, Vale SA, is losing its lead to Rio Tinto, after production slid 0.8% due to aging mines and licensing delays.
As quoted in the market news:
Vale’s production of the main raw material used to make steel slid 0.8 percent to 320 million metric tons last year, compared with a 3.7 percent gain for Rio Tinto to 198.9 million tons. Vale’s lead over Rio Tinto narrowed to 121 million tons, the smallest in three years, data compiled by Bloomberg show.
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