Rio Tinto Limited
(ASX:RIO) boss Tom Albanese says despite fluctuations in iron ore prices, the miner’s designed to “operate well and stay profitable.”
Mr Albanese told the ABC's Inside Business yesterday that he doesn’t think volatility’s going away, and that more gyrations in prices should be expected.
But he did say cost pressures in Australia are higher than anywhere else in the world, and he’s particularly concerned about cost pressures in the Pilbara.
His comments come after iron ore prices fell to a low of $US116.75 a tonne in late October.
They reached record highs near $US200-a-tonne earlier in the year.
Rio Tinto Limited
(ASX:RIO) reported a profit of $7.5 billion in the first half of this year.
