Rio Tinto’s Iron Ore Exports Slip as Copper Output Ramps Up
- Heavy rainfall hits Pilbara mines impacting production
- Copper production surges as higher grades tapped at Escondida
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Rio Tinto Group, the world’s top iron ore exporter, said shipments of the steelmaking material slipped in the fourth quarter, as demand from China remained lackluster and production at some mines declined.
The miner exported 85.7 million tons of iron ore in the three months to Dec. 31, down 1% from the year before. Meanwhile, mined copper surged 26% as Rio mined higher quality grades at its Escondida mine in Chile and continued to ramp up output at the Oyu Tolgoi project in Mongolia, it said in filings Thursday.