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Reuters reported Rio Tinto (NYSE:RIO,ASX:RIO) saw flat iron ore production for the June quarter on lower prices and decreased demand.
Reuters reported Rio Tinto (NYSE:RIO,ASX:RIO) saw flat iron ore production for the June quarter on lower prices and decreased demand.
As quoted in the market news:
The global miner derives about 80 percent of its earnings from iron ore and recently committed to spending $3.7 billion towards expanding its Australian iron ore capacity by another 25 percent, calling iron ore the best-returning commodities business in a tough global environment.
Chief Executive Tom Albanese said despite global volatility, the company’s expansion projects still stack up.
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