Rio Tinto (ASX:RIO) Iron Ore Production Up 39% in Q1
Sydney, April 15, 2010 AEST (ABN Newswire) - Rio Tinto (ASX:RIO) said most of its operation continued to run at capacity. Rio Tinto said its global iron ore production in the first quarter 2010 was up 39 per cent compared with the same quarter of 2009. But the mining giant is still cautious about the short term volatility, despite strong demand from China and recovery in OECD markets.
Pilbara iron ore production in first quarter, which was impacted by heavy rains, was 53 million tonnes, still up 48 per cent on the corresponding period last year.
Sales volume from Pilbara region was 6 per cent lower on the record fourth quarter, but shipments to all major markets including China were maintained at or close to capacity levels.
Chief Executive Tom Albanese said the long term outlook remains very strong and the company is now ramping up growth projects with sustained investment in iron ore business and the start of development of Oyu Tolgoi. The company expects its global iron ore production for Australian and Canadian operations to by approximately 234 million tonnes.
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Rio Tinto Limited