Rio Tinto adds voice to COVID-19 outbreak concerns after reporting iron ore windfall
By David McKay
RIO Tinto is the latest major mining company to flag the potentially disruptive impact of COVID-19 saying at its annual results announcement that the outbreak could “create significant uncertainty” in the short-term, according to a report by Bloomberg News.
Rio Tinto, which earns about half of its revenue from China, said all “… operations are looking at opportunities to adjust to the impact of the COVID-19 virus on market conditions,” according to a results announcement cited by the newswire.
The mining group’s Oyu Tolgoi copper operation in Mongolia earlier flagged it was experiencing a slowdown in exports to China.
The Anglo-Australian group said it would “… adjust production levels and product mix to meet customer requirements,” if the global growth outlook worsens…Full Story