Rio Tinto CEO Says Company Won't Cut Back Iron Ore Output

Mining Weekly reported that Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) CEO Andrew Harding said the company will not cut iron ore output despite weak iron ore prices.
As quoted in the market news:

“There has been a view that Australia can simply turn the iron-ore tap on and off to regulate the global, market-based price. It just doesn’t work like that,” he said in Perth on Thursday. “We are vigorously competing against global suppliers for market share. If we stop doing that, the Pilbara producers will lose and Australia will lose. It’s that simple. If my leadership journey has taught me one thing, it’s that your competitors will happily relieve you of your market share if given even half a chance.”
Rio recently completed its Pilbara 360 project, which increased the Pilbara production capacity to 360-million tonnes a year through the addition of the Cape Lambert Port B, which increased overall capacity at Cape Lambert port to more than 200-million tonnes a year.
The miner was also implementing more than 400 initiatives across its Pilbara operations to drive down costs and improve productivity. In addition, the miner was also hoping to save an additional $200-million a year in maintenance costs over the next three years, by using predictive analytics and enhanced maintenance planning systems.

Click here to read the full Mining Weekly report.