Australia-based Rio Tinto, the world's second biggest iron ore producer, has announced that in the third quarter of the current year its global iron ore production increased by 12 percent year on year to 76.8 million mt. In the given period, the company's global iron ore shipments amounted to 78 million mt, up 15 percent year on year. Rio Tinto CEO Sam Walsh said that this was the first full quarter from the 290 million mt per year iron ore expansion in the Pilbara region, Western Australia. In the third quarter, sales from the Pilbara operations continued to exceed production in the quarter, as the stocks that were built in anticipation of delivery of the infrastructure expansion were drawn down.
According to Rio Tinto, during the first nine months, iron ore production was 205.3 million mt, up 12 percent year on year, setting a new nine month record, driven by a combination of rail, haul truck and processing plant productivity improvements and achieving the 290 million mt per year run rate in May, two months ahead of schedule.
Rio Tinto's Australian hard coking coal production in the third quarter declined by 15 percent year on year to 1.77 million mt, while during the first nine months hard coking coal production remained unchanged at 5.41 million mt, compared to the corresponding period of 2013.
According to Rio Tinto's statement, the company expects 2014 global iron ore shipments of approximately 300 million mt. 2014 global production guidance is unchanged at 295 million mt, subject to weather constraints. Around five million mt of iron ore inventory is expected to be drawn down at the Pilbara mines during the year.