Mining giant Rio Tinto has warned the threat of widespread Omicron infections and staff absenteeism once Western Australia opens its border to the rest of the country could worsen the state’s labour crunch and hit iron ore output.
Rio Tinto warned its target to increase iron ore output from WA in 2022 would be contingent on the impact of the spread of Omicron, the COVID-19 variant that has caused crippling workforce shortages in Australia and around the world. Analysts said Rio Tinto’s mine-capacity issues were likely to “weigh again in 2022” at the same time as the iron ore price came under pressure.“Although iron ore prices have provided the shares some solace in recent weeks, we continue to see a challenging outlook for iron ore over the course of 2022,” Royal Bank of Canada analyst Kaan Peker said.
NickToscano1 Once China passes you off, what are you going to do with all your dirt
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