World Economy

Rio Tinto Iron Ore Shipments Up

Rio Tinto Iron Ore Shipments Up Rio Tinto Iron Ore Shipments Up

Global miner Rio Tinto reported an 11% rise in annual iron ore shipments on Tuesday, roughly in line with its full-year guidance of 340 million tons, and said it expected to boost production and shipments in 2016, Reuters reported. Rio’s strong output, low costs and sharp cuts in capital spending are expected to help it maintain or raise its dividend at least for the next 12 months, in stark contrast to its rivals, even with commodities prices mired at multi-year lows. Iron ore shipments in the fourth quarter rose 10% on a year earlier to 91.3 million tons, including its co-owners’ volumes, and again outpaced quarterly production as Rio Tinto ran down stockpiles. Rio Tinto confirmed analysts’ view that it would have to step up output in 2016 to keep up shipments. It said it expects to produce and ship around 350 million tons of iron ore, including co-owners’ volumes, implying a 7% increase in production and 4% rise in shipments.