Rio Tinto, the Anglo-Australian mining firm, saw the amount of iron ore shipped during 2011 below the amount it actually produced, the firm's latest operations update reveals.
Total shipments during 2011 were 239 million tonnes. The firm says extreme weather conditions affected Australia in particular.
Year on year hard coking coal production was down 2% in Australia, thermal coal was 3% lower, whilst semi-soft coal production slipped 7% compared with 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total capital expenditure during 2012 is already expected to be $15bn with further project approvals likely to see this figure rise.
Over the last year Rio has lost 19% of its value.
BS
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
