 Rio is the world's second largest mining firm |
Anglo-Australian mining giant Rio Tinto has reported an 11% increase in third-quarter iron ore production. The rise in iron production - fuelled by strong global demand for steel led by China - comes as the booming steel sector continues to consolidate.
However, Rio's copper production fell 15% during the quarter, hit by a production glitch at one of its US plants and a strike at a Chilean mine.
Markets predict Rio's profits will rise 50% this year to $7.6bn (�4bn).
Takeover activity
Global metal prices have hit record highs this year.
Rio, the world's second largest mining firm, said its aluminium output was down 1%.
Recent takeover activity in the steel sector has seen Dutch firm Mittal buy Luxembourg's Arcelor, and India's Tata has now bid for Anglo-Dutch Corus.
Production at Chile's Escondida facility - the world's largest privately-owned copper mine - was shut for August because of a wage dispute.
Rio Tinto owns a 30% stake in the facility.
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