Australia-based Rio Tinto, the world's second biggest iron ore producer, has announced that in the fourth quarter of 2014 its global iron ore production increased by 12 percent year on year to 79.1 million mt. In the given period, the company's global iron ore shipments amounted to 82.2 million mt, up 13 percent year on year.
According to Rio Tinto, in the whole of 2014 its iron ore production increased by 11 percent year on year to 295.4 million mt, slightly exceeding its production guidance of 295 million mt for the full year, while the company's Pilbara operations achieved an annual production volume of 280.6 million mt, up 12 percent year on year, setting a new annual record, driven by the early completion of the 290 million mt expansion project in the first half and increased mined production.
Rio Tinto's Australian hard coking coal production in the fourth quarter declined by 28 percent year on year to 1.64 million mt, while in 2014 hard coking coal production was 7.05 million mt, down nine percent compared to 2013.
Regarding expansion of the Pilbara operations, Rio Tinto said that infrastructure for the 360 million mt per year expansion is around 80 percent complete, with all major rail, marine and wharf works in place and completion of this infrastructure remains on track for delivery by the end of the first half of 2015.