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

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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