Rio Tinto ore production rises
By Richard Fu |
October 17, 2012, Wednesday
|
Print Edition
Print Edition
AUSTRALIAN iron ore miner Rio Tinto delivered record volumes in the third quarter and backed its annual production target despite concerns China's slowdown could affect demand.
The world's second-largest iron ore miner yesterday backed its output target of 250 million tons this year after reporting a quarterly output higher than expected. Iron ore production rose to 52.6 million tons in the July-September quarter, up 8.2 percent from the previous quarter and 5.6 percent year on year.
"Markets remain volatile, but our business is resilient," Rio Tinto Chief Executive Tom Albanese said.
Ore prices have recovered to above US$110 a metric ton from below US$90 last month, but rates remain well off last year's levels. Analysts attributed the rebound to Chinese mills restocking to take advantage of low prices.
Fortescue Metals Group said yesterday it expects the iron ore price to stabilize at around US$120 a ton in the short term.
The world's second-largest iron ore miner yesterday backed its output target of 250 million tons this year after reporting a quarterly output higher than expected. Iron ore production rose to 52.6 million tons in the July-September quarter, up 8.2 percent from the previous quarter and 5.6 percent year on year.
"Markets remain volatile, but our business is resilient," Rio Tinto Chief Executive Tom Albanese said.
Ore prices have recovered to above US$110 a metric ton from below US$90 last month, but rates remain well off last year's levels. Analysts attributed the rebound to Chinese mills restocking to take advantage of low prices.
Fortescue Metals Group said yesterday it expects the iron ore price to stabilize at around US$120 a ton in the short term.
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