Rio Tinto digs up a record volume of iron ore

Author: Paul Ploumis
22 Jan 2015 Last updated at 10:24:21 GMT
CANBERRA (Scrap Monster):  At the beginning of the week, the company had reported a 11 percent hike in their annual production of iron ore, which is 295 million tonnes. The mining company, known to be Anglo-Australian, also produced large quantities of copper even when the price of the commodity was softening.

The company has been expanding its mines in the Pilbara iron ore mining hub, which is located in the northwest part of Australia, based on China, the largest consumer of the commodity in the world, might need iron ore in order to produce steel for the country’s skyscrapers, and also for other industrial uses, such as manufacturing of automobiles. The country consumes three of five iron ore shipments via sea, as Australia its largest supplier of the commodity.

The executives of the company, who operate the second largest iron ore company in the World by volume, only behind Vale SA based in Brazil, had never cared about the increasing supply. They stated that, the scale of the company’s business and also the quality of the company’s ore allows the company to gain profits from the material, even at the significantly lower price for the commodity.