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
-
8 of the best houses for sale with outdoor swimming poolsThe best houses for sale with outdoor swimming pools – from a family house in Wimbledon Village, London, to a 1640s mansion in Derbyshire with a heated swimming pool in the grounds
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
