Rio Tinto PLC expects to ship less iron ore than initially thought from its vast network of mines in remote northwest Australia this year, news that may offer a morsel of relief for investors and smaller producers worried about an emerging glut in the raw material.Although Rio Tinto recorded a rise in quarterly exports, the Anglo-Australian miner--and the world's second biggest exporter of the steelmaking ingredient--said severe weather conditions had hampered operations and meant it would fall short of its earlier target. Rio Tinto now expects to ship 340 million metric tons of iron ore in 2015, down from a prior projection of "approaching" 350 million.
"Around seven million tons of shipping capacity was lost directly at the ports due to uncharacteristically severe weather," the company said Thursday.
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