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Rio Tinto's Q4, FY 2013 iron ore production rises to new records (RIO)

  • Rio Tinto (RIO) +2% AH after saying iron ore shipments rose by 5% in 2013 to a new record, shipping 259M tons to customers in countries like China, the world's largest iron ore buyer.
  • Rio's Western Australia iron ore mines, which provide most of the miner's profit, produced a record 66.5M tons in Q4, up 3% Q/Q and bringing total 2013 output to 266M tons, slightly above recent guidance.
  • Higher iron ore production illustrates Rio's bet on continuing strong demand from Chinese steelmakers.
  • Rio also reports a 15% increase in annual copper output to 631.5K tons, easily beating guidance of 590K tons, and a 10% rise in bauxite production to 43.2K tons.
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