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PrintAnglo-Australian miner Rio Tinto will reduce iron ore production from its mines in the Pilbara region of Western Australia by about 10% per annum due to slowing demand from China, the company said Monday.
Iron ore shipments from its Pilbara mines will be reduced to between 170 million and 175 million mt for 2008, it added.
In October, Rio had forecast producing between 190 million and 195 million mt for 2008.
"Operations continue to perform well but demand has continued to decelerate," company CEO Tom Albanese said in a statement. "This reduction is a prudent move to align production with revised customer delivery requirements in light of the fourth quarter drop in Chinese demand."
Albanese expects a short, sharp slowdown in China, with demand rebounding over the course of 2009.
Media speculation of a cut had been rife since Brazilian rival Companhia Vale do Rio Doce cut its iron ore production by 10% last month. -Platts
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