Rio Tinto Announces Rise in Iron Ore Output

Rio Tinto plc (NYSE:RIO,ASX:RIO,LSE:RIO) announced a sharp rise in quarterly iron ore output. It came amidst a drive to corner a greater share of the world market.

The company also reported price gains at its aluminium division.

As quoted in the press release:

Global iron ore shipments of 302.6 million tonnes (Rio Tinto share 239.9 million tonnes) were 17 per cent higher than 2013 and production of 295.4 million tonnes (Rio Tinto share 233.6 million tonnes) was an 11 per cent increase year on year. Rio Tinto’s share of production in the period was 12 per cent higher than in 2013.

Rio Tinto Chief Executive Sam Walsh stated:

We have had a successful year of production, capped off with a robust fourth quarter. Output is in line with our targets across all of our major products. In a challenging market Rio Tinto remains focused on operating and commercial excellence to leverage our low-cost position and maximise value for shareholders.

Click here for the full Rio Tinto plc (NYSE:RIO,ASX:RIO,LSE:RIO) press release