Author: Paul Ploumis15 Oct 2014 Last updated at 06:16:39 GMT
CANBERRA (Scrap Monster): In the September quarter production released by the company, today morning, stated a 12 percent increase in the production compared to last year which is currently at, 76.8 tones. According to earlier forecasts, made by Deutsche bank, the production was expected to be 78.1 million dollars, and at the same time UBS expected and forecasted production of about 76.3 million tonnes.
The firm has also instructed all its mines to increase the production of copper for the whole year, but even so, the company is mainly concentrating on increasing the production of iron ore, as 90 percent of the company’s income comes from iron ore.
The production results were released after the criticism from the Western Australian Premier, Colin Barnett, regarding the expansion of production by Rio Tinto and also the company’s rival BHP Billiton, and also accused declining the value of iron ore. He also stated that, the increase in the production of iron ore is the part of conspiracy by the miners.
UBS is still on the say that, Rio Tinto, could possible exceed its forecasted production of 295 billion tonnes. The firm also stated that, Rio would possibly remain as the head of iron ore mining industry for the coming years.