Australian mining giant Rio Tinto has announced its production results for Q1 2009.
According to the company's release, its production for the quarter was in line with reduced market demand, while iron ore output was also affected by heavy rains. The company also stated that it remains committed to delivering China's state-owned aluminum corporation Chinalco transaction and that its focus is on successfully navigating the regulatory processes before putting it to a shareholder vote. The miner has said that it had made good progress on asset divestment, securing $2.5 billion in asset sales.
In Q1 2009, Rio Tinto's global production of iron ore was down by 15 percent to 37.4 million mt compared to Q1 2008, but in line with the previous quarter's output.
In its release, Rio Tinto forecasted global iron ore demand this year of 200 million mt, helped by a recovery in demand from Chinese steelmakers.