Rio reaffirms iron ore guidance

Miner restates full-year iron ore production forecasts after lifting global iron ore shipments during the third quarter.

Rio Tinto (RIO) has reaffirmed its 2013 iron ore production guidance after increasing global iron ore shipments in the third quarter.

In a statement to the Australian Securities Exchange, Rio said it posted 68 million tonnes of global iron ore shipments, a 4% increase compared to the previous corresponding period.

For the first nine months of the year, the miner's global iron ore shipments were 186.6 million tonnes, a 4% increase compared to the first nine months of 2012.

Full-year iron ore production guidance is unchanged at 165 million tonnes, subject to weather constraints, Rio said.

The miner said it achieved record iron ore production and shipments in Western Australia after officially opening its Pilbara 290 port and rail expansion four months ahead of schedule and $400 million under budget.

Rio said it continues to cut costs and make productivity gains (see Tim Treadgold's A rethink on Rio).

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