Iron ore price dives 7% on China’s lower steel output data

The company had posted a net profit of $1.59 billion in the year-ago period.

The announcement follows illegal capacity expansions approved by local governments under the cover of capacity swaps.

Once completed, the mine will have an annual capacity of 43 million tonnes, underpinning output of the Pilbara Blend, Rio Tinto’s flagship iron ore product.

Output will be reduced by a third to 1 million tonnes and the job cuts will be carried out from September.

Brazil shipped 18.34 million tonnes of iron ore in April, down 17% from the prior month and a massive 29% from the same month a year earlier.

The group action suit describes in detail a series of failures and errors of judgment over several years leading to the collapse of the Fundão tailings dam in 2015, owned by the Samarco joint venture between BHP and Vale.

World's top iron ore miner guides down production again for 2019 after earlier decision is reversed.

Vale argues that if the German inspection firm TÜV SÜD had not fulfilled its contract it could be held responsible.

Australian exports were about 69.1 million tonnes in April, up 20% from 57.5 million tonnes in March.