Rio Tinto,the world’s no. 2 iron ore producer,maintained its 2012 production guidance at 250 million tonnes,saying its operations were performing strongly in a volatile market.
Markets remain volatile,but our business is resilient and our operations are performing strongly,Tom Albanese,chief executive of Rio,said in the company’s quarterly activities report.
Rio’s attributable September-quarter iron ore output was up 5.6 percent to 52.6 million tonnes against the same quarter a year ago,according to the company.
World iron ore prices dropped below $87 a tonne last month as demand for imported ore in China waned,raising concerns among producers of a looming supply glut. Prices have since recovered to around $113 a tonne