Rio Tinto CEO Sam Walsh says Asia Still a Strong Market for Iron Ore

Australian Mining reported that Rio Tinto CEO Sam Walsh said that despite iron ore’s falling price, iron ore demand in Asia was still strong and supported Rio’s ramp up plans.

As quoted in the market news,

Rio has always argued that it is the best interest of its shareholders and stakeholders that it continues to place its high quality tonnages into the market.

The company says limiting production would just force other mining houses to fill the void meaning Australia would lose out on taxes and royalties.

Sam Walsh stated:

Iron ore will remain the backbone of Asia’s infrastructure needs and in copper the world will need another four to five million tonnes of new supply by 2025.

Click here for the full Australian Mining report