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.