china and iron ore, page-40

Bear in mind my last post - a number I quoted - and see this release...

Press release
Rio Tinto revises iron ore shipments guidance for 2008

10 November 2008

Rio Tinto is today revising its estimate of iron ore shipments from the Pilbara region of
Western Australia to between 170 million tonnes and 175 million tonnes (100 per cent
basis) in 2008. As a result of the reduced demand from its customers and reduced
shipments, the annualised run rate of iron ore production from its Pilbara mines will be
reduced by approximately ten per cent.

Tom Albanese, Chief executive, Rio Tinto, said, "Operations continue to perform well but
demand has continued to decelerate. This reduction is a prudent move to align
production with revised customer delivery requirements in the light of the fourth quarter
drop in Chinese demand. We believe this will be a short, sharp slowdown in China, with
demand rebounding over the course of 2009, as the fundamentals of Chinese economic
growth remain sound."