(Bloomberg) -- Rio Tinto Group, the world’s top iron ore exporter, reported shipments of the steelmaking material slipped 1% in the fourth quarter from the year before, as demand from China remained lackluster amid an economic slowdown and ongoing property crisis.
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The miner exported 85.7 million tons of iron ore for the three months to Dec. 31, taking total annual shipments to 328.6 million tons. That was in line with guidance of between 323 to 338 million tons, it said in filings Thursday.
Quarterly bauxite production rose 2% from the year before, aluminum eased 1%, while mined copper surged 26% as new output came online.
“We are making strong progress in delivering organic growth from our major projects,” Chief Executive Jakob Stausholm said in the statement. “The Oyu Tolgoi underground copper mine in Mongolia continues to successfully ramp up, while the Simandou high-grade iron ore project in Guinea and our Western Range mine in the Pilbara are on schedule for first production this year.”
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