Rio Tinto: Iron ore output increases 11%

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Rio Tinto’s second-quarter iron ore production increased 11 percent after it expanded operations in the remote Pilbara region of Western Australia, the second-largest mining firm said yesterday. Rio Tinto said output was 57.5 million tons in the three months to June, compared with 51.8 million tons a year earlier. That is in line with the 57.7 million ton median estimate of seven analysts surveyed. The company also raised its forecast for full-year copper production. The price of iron ore has dropped 27 percent this year as producers including Rio Tinto and BHP Billiton expand mines, ports and railways to meet Chinese demand. Rio Tinto reported net income of $9.9 billion (R106bn) from its iron ore division last year, representing 88 percent of company-wide profit. It raised its projection for full-year copper production to 585 000 tons from 570 000. – Bloomberg

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