Rio Tinto CEO predicts the fall of competitors

Several iron ore producers are dangerously close to the abyss but are still hanging on. With the dramatic decline in the price of iron ore, an adaptation will definitely take place, Rio Tinto's CEO tells Bloomberg.

The price of iron ore dropped 45 percent this year and that has pushed some producers all the way to the edge, according to Sam Walsh, CEO of the world's second largest mining company Rio Tinto.

"There are a lot of producers that we believed would leave the market that are hanging on by their fingernails. They are burning up cash reserves of their shareholders," he says in an interview with Bloomberg.

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