At an investor seminar Australian miner Rio Tinto has outlined its long-term strategy to capitalize on the growing global demand for high-quality iron ore through a relentless focus on productivity and efficiency, technology, and people development to drive costs lower at its operation in the Pilbara region of Western Australia.
Rio Tinto pointed out that it has reduced its iron ore operating costs by almost $1 billion compared to 2012 and also a number of initiatives are underway across the Pilbara to provide further savings and improve productivity.
According to Rio Tinto, Chinese crude steel production is expected to reach around one billion mt by 2030. Emerging markets will also play an increasingly significant role in the iron ore market, with non-Chinese steel demand expected to increase by 65 percent by 2030.