Australian iron ore miner Rio Tinto stated that its order books are full and commodity prices remain robust. However, customers are more cautious now and physical markets are softer compared to six months ago.
According to the company statement, Rio Tinto expects iron ore to grow by 50 percent in the next five years. The first commercial production in Oyu Tolgoi copper and gold project is anticipated to commence in 2013.
Rio Tinto also stated that production from Australian coal operations will expand by around 50 percent by 2015 to around 73 million mt, while Mozambique coal assets are aimed to grow to 25 million mt per year by 2020