Rio Tinto’s iron ore output drops two percent in Q2

Australian mining giant Rio Tinto's global iron ore production in the second quarter of this year was two percent lower than in the second quarter of 2009, amounting to 43.61 million mt, while its iron ore production (86.97 million mt) in the first half of the current year was 15 percent higher as compared to the corresponding period of 2009, with markets recovering from the global financial crisis.
 
In 2010, Rio Tinto's global iron ore production for its Australian and Canadian operations is expected to be approximately 234 million metric tons.
 
Meanwhile, in the second quarter of 2010, Rio Tinto's Australian hard coking coal production rose 26 percent year on year and amounted to 2.4 million mt, following increased investment at its Queensland operations, while the quarter-on-quarter growth rate was registered at 29 percent. In the first six months of the current year, Rio Tinto's hard coking coal output totaled 4.25 million mt, rising by 30 percent as compared to the first half of 2009.
 
In 2010, Rio Tinto's share of Australian hard coking, semi-soft coking coal and thermal coal production is expected to be 9.4 million mt, 3.3 million mt and 19.7 million mt, respectively.
 
Commenting on the market situation, Rio Tinto's chief executive Tom Albanese said, "2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity. Markets for most of our products are strong and the overall long-term demand outlook is positive. But in recent weeks, fears about a possible double-dip recession in OECD countries and a slight slowdown in Chinese growth have led to some weakening in sentiment. We believe this pattern of volatility in the global economy is set to continue."