Mining giant Rio Tinto looks set to achieve its annual iron ore shipment target after posting a 17 per cent jump in shipments during the September quarter.
Mining giant Rio Tinto looks set to achieve its annual iron ore shipment target after posting a 17 per cent jump in shipments during the September quarter.
The miner has maintained its guidance of shipping around 340 million tonnes of iron ore during the 2015 calender year.
Rio, along with rivals BHP Billiton and Brazil's Vale, has been pushing up production over the last few years despite falling iron ore prices.
The company shipped 91.3 million tonnes of iron ore during the three months to September, while production of the steel making material was up 12 per cent at 86.1 million tonnes.
"Our expanded Pilbara infrastructure is in place, and the iron ore product group is successfully commissioning and testing the system, reflected in the increased iron ore shipments to our customers during the period," chief executive Sam Walsh said.
The miner completed the key elements of its Pilbara expansion during the first half of the year.
Rio's iron ore production had taken a hit in the first half after unseasonal weather events, including two cyclones, in the Pilbara reduced shipments, forcing it to pare back from the previously stated annual target of close to 350 million tonnes.
"The fact that Rio was able to significantly increase its iron ore shipping rate, running down its inventory, without leading to a significant increase in China's inventory is encouraging," CMC Markets chief market analyst Ric Spooner said.
Hard coking coal production was up 5 per cent to 1.85 million tonnes, while semi-soft coking and thermal coal production was down eight per cent to 5.55 million tonnes.
Bauxite production was up four per cent to 11.3 million tonnes, while copper production dropped nearly a quarter to 115,000 tonnes due to lower production from its Kennecott mine in Utah.
Rio shares were 2 cents higher to $54.27 in early trade.
