First quarter production figures for RIO TInto show a number of Q1 production records including iron ore production from the Pilbara

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First quarter production figures for RIO TInto show a number of Q1 production records including iron ore production from the Pilbara. Despite adverse weather conditions in WA, iron ore production from the Pilbara was up 16% on the prior year. CEO Sam Walsh said we are well on track to reach nameplate capacity of 290Mt/a by the end of the first half of 2014. RIO also delivered improved copper production attributed to better grades and production improvements at Oyu Tolgoi operation. Some analysts were expecting a better result on the iron ore front and the result is a drop on the previous quarters performance. The below expectation iron result, however, may be offset by the improved results on the key copper producing assets. RIO holds its UK shareholder meeting tonight so expect more commentary in the coming days. (VIEW LINK)


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