[miningmx.com] – RIO Tinto lifted third quarter iron ore production 12%
after completing key elements of its infrastructure expansion in Western Australia and boosting mine capacity, said Bloomberg News citing the firm’s published figures.
Total output expanded to 86.1 million tons in the three months ended September which compared with 76.8 million tons a year earlier and the 87 million ton median estimate of five analysts surveyed by Bloomberg.
Rio’s “mantra has not changed, and this quarterly production report shows that they are not blinking,” Evan Lucas, a markets strategist at IG told the newswire. “They are still squeezing the market, and still giving the lower end of town real pressure.”
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