Rio Tinto feels pressure from higher labor costs and strength of euro

On August 8, Australian mining giant Rio Tinto Group stated that the surge in labor force costs and the appreciation of the euro have negatively affected the company's income and have placed great pressure on its expansion plans.
 
Rio Tinto said that the appreciation of the euro against the US dollar has resulted in an increase of $2.4 billion in the cost of existing iron ore and aluminum oxide expansion projects.