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."
UMC Price at posting:
70.0¢ Sentiment: Hold Disclosure: Held
