Rio Tinto output hits new highs

<p>Rio Tinto reported record production levels from its iron ore and copper mining operations during the second quarter of 2008.</p> <p>Analysts forecast that the results from the world’s second-largest iron ore exporter would help fend off an 86bn (US$172bn) takeover bid from rival mining giant BHP Billiton.</p> <p>Around 48m tonnes was produced from Rio Tinto’s iron ore mines in Western Australia, up 14% compared with the same period last year, and a new record.</p> <p>High volumes of these shipments from WA to China in the second quarter helped push bulk carrier rates to their highest ever levels in early June.</p> <p>Mined copper production was up 15%, Rio Tinto said.</p> <p>Second quarter coal production from Rio Tinto’s 75% owned Coal &#38 Allied Mines rose to 6.5m tonnes, compared with 5.3m a year earlier.</p> <p>Thermal coal production from its mines in the Hunter Valley fell to 1.8m tonnes from 2.02m tonnes, while semi-soft coking coal production rose to 1.08m from 0.4m tonnes.</p> <p>The United Nations Conference on Trade and Development has forecast rising iron ore exports from Australia, which reached 98.2m tonnes during the months of January to April 2008, up 20% compared with the 81.9m tonnes exported in 2007.</p> <p>BHP Billiton, which has yet to release its second quarter results, increased its iron ore production in the first quarter by 25% over the same period in 2007 to 26.5m tonnes. Rio Tinto’s iron ore production was 46.8m tonnes in the first quarter of 2008, up 17%.</p> <br />