So predictable. All commodity cycles work this way:
Rio in effect conceded on Friday that the cost of exporting iron ore from Western Australia this year would be about 5 per cent higher than previously expected.
The rising cost was implied when Rio retained its promise to keep unit costs between $US19.50 and $US21 per tonne, but changed its assumption for the value of the Australian dollar this year from an average of US75¢ to US71¢.