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Reuters reported Rio Tinto (ASX:RIO) says the mining industry in Australia is complacent and current attitude will lead to widespread cost cuts on lowered iron prices.
Reuters reported Rio Tinto (ASX:RIO) says the mining industry in Australia is complacent and current attitude will lead to widespread cost cuts on lowered iron prices.
As quoted in the market news:
Miners had grown “fat and lazy” after allowing their costs to follow prices higher, Australia’s resources minister Martin Ferguson said, warning this was putting at risk $230 billion worth of new resource projects.