The world’s second largest miner – Rio Tinto (RIO, quote) fourth-quarter iron ore output beats estimates by nearly a million tons.
A laden truck deposits its load of iron ore into a pocket.
RIO reported iron ore production for the fourth quarter to be 52 million up from the same quarter last year of 51.2 million. Analysts’ were looking for a decrease to 50.6 million tons.
RIO is continuing to go after their biggest ore projects in Pilbara and maintaining cost discipline throughout the company in non-core assets.
Ore prices are up 78% from September with thermal coal climbing higher by 40%$ and coking coal lower by 27%.