09/10/2014at 11:27

Rio Tinto anticipates mine closures

The world's second-largest mining company, Rio Tinto, predicts the closure of mines operating with high costs. This means that a total of 125 million tons of iron ore will leave the market, according to Reuters.

BY LOUISE VOGDRUP-SCHMIDT

The iron ore market is extremely tough right now, with prices falling because of the massive oversupply of iron ore. The towering supply makes Australian mining giant Rio Tinto estimate that 125 million tons will be pulled out of the market this year, according to Reuters.

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