SHANGHAI, Aug 21 (Reuters) - Australian mining giant Rio Tinto RIO.AX RIO.l expects to deliver 240 million tonnes of iron ore to China this year, up from 200 million tonnes in 2014, the company's China managing director told reporters on Friday.
Ren Binyan said at a press briefing that the company had driven down its production costs to $16.20 a tonne this year, down $2 from last year, enabling it to cope with falling prices.
Global iron ore prices have collapsed as a result of slowing demand growth in China and a concerted output expansion by giant miners, including Rio Tinto, its Australian rival BHP Billiton BHP.AX BLT.L and Brazil's Vale VALE5.SA .
The efforts have enabled the big three to drive out higher-cost producers in China and elsewhere and expand their market share. Australia and Brazil accounted for 84.6 percent of China's total imports in July, according to data released today.