Rio Tinto Says Iron Ore Is Changing Australia’s Economy

SMH reported Rio Tinto (NYSE:RIO,TSX:RIO) said iron ore as an industry is changing the Australian economy.

As quoted in the market news:

Reinforcing its message that Australia has become a harder place to do business, Rio chief executive Tom Albanese said most of the mining sector was finding life difficult, and fewer new mining projects would be launched. Rio indicated that it would not be able to go ahead with all its growth and expansion projects, with soaring capital costs forcing the company to be more “selective”.

Click here to read the full SMH report.