Rio Tinto plans to invest US$395 million in a seawater desalination plant in the Pilbara, Western Australia, to support future water supply for the company’s coastal operations and communities in the region. The proposed Dampier Seawater Desalination Plant, which remains subject to Commonwealth and State Government approvals, will be located.
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at 9:00 am on August 5, 2021 | 1 comment
The ferrous complex was weak on August 4, 2021 as spot fell, paper slumped overnight and steel rebounded strongly:
This is all pretty good confirmation that the market agrees that it got it wrong that China is about to abandon its steel output cuts story. It’s not. CCP mouthpiece, The Global Times, clarified it in case you’re still wondering:
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…due to environmental and other policy goals, China has moved swiftly to curb steel production. In the latest move, the State Council, China’s Cabinet, has announced tariff hikes on certain steel products to cut exports, which came into effect on Sunday.
Iron ore supply slump as Rio runs late on new mines
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Rio Tinto has warned that a swathe of new iron ore mines will be delivered “slightly later than planned” on the back of labour shortages and a more consultative approach to Aboriginal heritage, suggesting new iron ore supply will take longer to cool the scorching-hot iron ore market.
The revelation that schedules were slipping on billions of dollars of new Rio mines in Western Australia came as Rio reported its weakest first half iron ore export performance since 2015.
Rio Tinto is Australia’s biggest iron ore exporter by volume but is on track for a rare decline in annual exports.