Rio Tinto has reduced its guidance for iron ore shipments from Western Australia after contending with labour shortages and development delays during the September quarter.
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Iron ore supply chains are expected to bear the brunt of the industry’s transition to decarbonisation and will require costly investments to stay relevant, a Fitch Solutions report has revealed.
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The price of iron ore futures has dropped below US$100 ($137.60) a tonne on the Singapore Exchange as shipments from Port Hedland in Western Australia also continue to decline.
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The perfect mix of market conditions has led to iron ore reaching record highs well above $US200 per tonne this year, but how long can the metal stay at these all-time levels?
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Monadelphous has been awarded a swathe of construction and maintenance contracts with BHP, Rio Tinto, Codelco, Queensland Alumina and Origin Energy.
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Rio Tinto has pledged $US2.4 billion ($3.2 billion) to develop the Jadar lithium-borates operation in Serbia, a project that it says will transform the company into the largest supplier of lithium in Europe.
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Rio Tinto has approved a $US108 million ($146 million) investment to explore the prospect of underground mining at the Kennecott copper operations in the United States.
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Rio Tinto is aiming to lift its performance in the Pilbara region in the second half of the year after recording a 9 per cent fall in iron ore production during the June quarter. Read More