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Rio Tinto lifts iron ore shipments driven by strong China demand – Sydney Morning Herald
The mining giant lifted its shipments of iron ore during the June quarter, driven by strong demand from China, but warns a second wave of COVID-19 infections presents a key risk for advanced economies.
The price of iron ore has repeatedly defied predictions that it is overdue for a fall and this year has passed $US100 a tonne on the back of stronger-than-expected demand from Chinese steelmakers as well as weakening output from rival exporters such as Brazil’s Vale. Robust iron ore prices have propelled Australia’s three biggest miners BHP, Rio Tinto and Fortescue Metals Group to bumper profits in recent times.
Iron ore is Rio Tinto’s biggest cash generator by far, accounting for nearly 90 per…
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