RIO set to haemorrhage iron ore

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From RIO:

Pilbara operations

Production and shipments in the first half increased compared to last year despite unseasonal weather in the Pilbara throughout the first half, including Tropical Cyclones Olwyn and Quang. Around seven million tonnes of shipping capacity was lost directly at the ports due to uncharacteristically severe weather. Heavy inland rains reduced truck utilisation, resulting in lost production at the mines and impacting the ability to rail planned tonnes. First half production of 146.3 million tonnes (Rio Tinto share 118.6 million tonnes) was ten per cent higher than the same period of 2014 following the successful ramp up to 290 Mt/a in May 2014. Second quarter production of 75.2 million tonnes (Rio Tinto share 61.3 million tonnes) was nine per cent higher than the second quarter of 2014 and was six per cent above the first quarter of 2015.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.