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Rio Tinto cuts iron ore in 2016

Australian miner Rio Tinto will slow down its production growth of iron ore in 2016 due to lower prices and oversupply on the market. Iron ore grew 11 percent in 2015.

Iron ore mine from competitor BHP Billiton.

Australian mining group Rio Tinto will trim the top off of the increased production in 2016 of iron ore due to reduced prices and oversupply on the market.

The output will increase by 7 percent this year to 350 million tons, and this is less than in 2015, in which the production grew by 11 percent, the mining company notes Tuesday, Bloomberg News writes.

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