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.

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.

Rio Tinto has previously announced that the company, in a future price war, will not slow down its production of iron ore. Analysts Platou estimate that this attitude from a major player will impact the less-established mining companies - for instance the Chinese.

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