[miningmx.com] – RIO Tinto produced record quarterly iron ore and thermal coal production whilst managing to exceed its cost-cutting targets, said Bloomberg News citing a fourth quarter report published by the Anglo-Australian firm today.
Rio Tinto cut cash costs by more than $2bn and halved exploration spending across its commodities to $948m, said Bloomberg News. The cost cutting targets were set by CEO, Sam Walsh, who took over the company from Tom Albanese.
“What Rio is trying to articulate is that it’s delivering on its promises, it has a very solid business and it’s leveraged to the iron ore price,’ Peter Esho, chief market analyst at Invast Financial Services told Bloomberg News.
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