Rio ramps up output ahead of time

FTSE 100-listed mining giant Rio Tinto yesterday confirmed that the next stage of increased production of its flagship Pilbara iron ore mine in Australia is two months ahead of schedule. The project has reached a run rate of 290m tonnes a year and is set to reach 360m tonnes a year by the end of the first half of 2015. Like other large miners, Rio is ramping up iron ore production to achieve economies of scale in the face of lower commodity prices.