[miningmx.com] – RIO Tinto posted an 11% increase in second quarter iron ore production after expanding operations in western Australia’s Pilbara, said Bloomberg News citing the Anglo-Australian firm’s production figures published today.
Output was 57.5 million metric tons in the three months to June 30, from 51.8 million tons a year earlier, Rio Tinto said. Analysts asked whether the increased production would keep iron ore prices depressed.
“What you have got to ask is whether the increased shipments and increased output is going to keep the depressed prices that we currently see in iron ore,’ Evan Lucas, a Melbourne-based market strategist at IG told the newswire service.
“Copper is bouncing back and copper prices are back at levels the company would want, so that’s where you might see the offset to the fall in the iron ore price,’ he said.
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