Rio Tinto (RIO) intends to expand its iron ore mine in the remote Australian region of Pilbara...

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (RIO) intends to expand its iron ore mine in the remote Australian region of Pilbara to 360M metric tons a year by mid-2015 from 290M by the end of 2013. In 2012, Rio's overall production rose 4% to 253M tons, slightly above its guidance of 250M tons. The company is benefiting from an 80% recovery in iron-ore prices since September as Chinese steel mills re-enter the market on an improving economic picture.