Rio Tinto ore output exceeds forecasts

26th January 2010

Rio Tinto has reported a big rise in fourth-quarter iron ore production and set a record in sales of the bulk commodity for the period. The compay's global iron ore production was up 49% compared with the fourth quarter of 2008. IG Markets analyst Ben Potter says that if Rio Tinto meets its full year output forecast, it will boost its 2009 net profit estimate 0.8% to $6.24 billion. Rio Tinto in October has upgraded its long-term iron ore expansion plans to 330 million tonnes per annum, from 320 million tonnes previously.