Rio Tinto's iron ore production sets new record
Global miner Rio Tinto (ASX: RIO) has set a new quarterly production record at 65 million tonnes and a new annual record at 239 million tonnes.
Chief executive Tom Albanese said: "Running our operations at full capacity was a priority for Rio Tinto in 2010, in an environment of strong prices for most of our commodities.
"Our success is clearly demonstrated in iron ore where we set new quarterly and annual production records. During the quarter we approved a further $5.5 billion in value-adding growth projects, including the expansion of our Pilbara iron ore operations to 283 million tonnes a year and the first phase of an aluminium smelting pilot plant in Quebec using our new AP60 technology."
Mined and refined copper were down 9 per cent and 6 per cent on the fourth quarter of 2009 and down 16 per cent and 5 per cent on full year 2009, in line with previous guidance, Rio Tinto said.
Bauxite production increased 9 per cent year on year in line with higher demand. Alumina and aluminium production were broadly flat.
Australian hard coking coal production was up 8 per cent on the fourth quarter of 2009 and rose 20 per cent on full year 2009, following increased investment at the Queensland operations. Australian thermal coal production was down 9 per cent overall for the year, mainly due to wet weather in the Hunter Valley.
The resource giant said the force majeure declaration at the four Queensland coal mines remains in place. All the Queensland coal mines are operational but are still constrained in some way by weather impacts, including the impact on third party infrastructure.
Rio Tinto said it is currently unable to provide an estimate of the full impact of this adverse weather or the duration of the force majeure declaration.