Australian Mining Companies Dig In For The Long Haul

Signs of cooling demand for commodities from China have not deterred Rio Tinto from sticking with its plans to boost iron ore production in its annual production forecast, though plans for a few other commodities have been trimmed. Rio Tinto plc (NYSE:RIO) (ASX:RIO) (LON:RIO) confirmed that its expansion of Western Australian iron ore operations was proceeding on track, and that its guidance of 250 million metric tons production of iron ore was intact. Analysts are increasingly looking askance at miners bankrolling huge expansions even though questions arise on the likely demand given the European crisis, and the slowing Chinese economy. With prices significantly…