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Rio Tinto: world needs 800 mln more tons of iron ore over next 8 years

Business

01-09-2011 | 00:06

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Rio Tinto: world needs 800 mln more tons of iron ore over next 8 years

SYDNEY, Sept 1 (Reuters) - The world needs at least 100 million tonnes of additional iron ore supply each year for the next eight years to meet demand growth projections, miner Rio Tinto said on Thursday.

Rio Tinto, the world's second-largest producer of the steel-making raw material, also said its Simandou iron ore joint venture with China's Chinalco in Guinea was on track to make its first shipment by mid-2015.

"We remain committed to ambitious timeframes of shipping our first tonnes of iron ore by mid-2015," David Joyce, head of expansion projects for Rio Tinto's iron ore group, told an industry conference on mining in Africa.

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