Rio Tinto posts record first-half iron output and is cutting costs

Suzie Neuwirth

100-listed mining giant Rio Tinto yesterday announced record first-half iron ore production and said it is “well on track” to meet capital expenditure reduction targets.

Rio posted a six per cent increase in the division’s output year-on-year to 127.2m tonnes.

The company said that expansion of the Pilbara iron ore mine to 290m tonnes per year remains “on budget and on time” and announced that its Mongolian copper mine made its first shipment to China.

The firm, which is looking to make savings of over $5bn (£3.3bn) by the end of 2014, expects to meet its $750m savings target in 2013, with spending in first half down by $483m over the same period of 2012.