Rio Tinto boss shuns iron cap

Josh Martin
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RIO TINTO boss Sam Walsh dismissed an idea by rival Fortescue Metals, that miners should cap output of iron-ore to boost prices, as “harebrained”.

Chief executive Sam Walsh said yesterday no benefit would come from propping up the iron-ore price by capping production, despite an oversupply and waning demand growth in China. Fortescue’s call for a cap forced an Australian regulation probe on whether he breached the law by calling for a cartel.

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