“`html
Rio Tinto (NYSE: RIO; ASX: RIO) suspended operations at its Simandou project in Guinea following the death of a contract worker, contributing to a rise in iron ore prices. The most-traded January iron ore contract on China’s Dalian Commodity Exchange (DCE) closed 2.27% higher at 787 yuan ($110.06) per tonne, while September iron ore on the Singapore Exchange rose 2.69% to $103.3 per tonne, both reaching their highest levels since August 14.
The Simandou mine is expected to deliver nearly 120 million tonnes of iron ore annually at full capacity. This incident marks the seventh fatality across Rio’s global operations over the past two years, raising safety concerns. Despite temporary production restrictions in China’s Tangshan, average daily hot metal output remained stable at 2.41 million tonnes as of August 21.
Shares of Rio Tinto increased by 2.4% in Australia, bringing the company’s market capitalization to A$164 billion ($106 billion).
“`
