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

Related Posts

,

Anglo American, South32 walk away from thermal coal

By Vanessa Zhou | Australian Mining Anglo American is the second company to cut off its South African thermal coal assets following a similar move by South32 last week. Anglo American plans to demerge its thermal coal operations in South Africa and establish a new holding company called Thungela Resources to hold the assets. The […]

,

Coal snapshot: Mid-term outlook is positive

Gerard Peter | Mining Review Africa While there is a concerted effort by nations to reduce reliance on coal for both energy and production purposes, research analyst Fitch Ratings believes that the medium-term outlook for the commodity remains buoyant. There can be no doubt that the coronavirus pandemic has had an effect on global demand […]

,

ASIC raids mine at centre of fake coal testing claims

By Liam Walsh | Australian Financial Review The corporate watchdog has raided the mining operation at the centre of allegations of fake coal analyses. Queensland police on Monday helped officials from the Australian Securities and Investments Commission execute a search warrant on TerraCom, which runs the Blair Athol coal mine in the central part of the […]