[miningmx.com] – RIO Tinto CEO, Sam Walsh, sought to soothe the nerves of shareholders saying the company would continue returning cash to them despite the decline in iron ore prices.
“We shouldn’t panic when there’s a blip in iron ore prices,’ Walsh was quoted to have said in an article by Bloomberg News. Rio Tinto is confident it can thrive despite a $60 to $70/t decline in the iron ore price because it was a low cost producer.
Commenting on a recent offer of a merger by Glencore, Walsh said: “I can well understand why there’s interest because we’re a pretty good business’. Rio Tinto turned down the merger offer.
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