Rio Tinto has posted record global iron ore production results for the first quarter 2008, casting aside predictions of a decline in mining markets due to the US economic slowdown.
Iron ore production hit 43 million tonnes in the Pilbara, Western Australia, up 15 percent compared with the first quarter of 2007, while overall iron ore production was up 16 percent on the first quarter of 2007.
Uranium production was also up by 20 percent compared to the same quarter in the same period 2007.
However, copper production declined by six percent compared with the first quarter of 2007, primarily reflecting lower grades at Kennecott Utah Copper and Northparkes, says the company.
Rio says investment expectations from its acquisition of Alcan has been exceeded and is set to invest "record" levels across the group this year.
"Markets remain very strong and the prices of many of our products are at record highs, bearing out our view that the US slowdown will have little effect on global metal and mineral supply and demand balances," says Chief Executive Tom Albanese.
By Ozge Ibrahim
