Global mining giant Rio Tinto said Tuesday its business was performing strongly despite global volatility, affirming annual targets and reporting a quarterly record in Australian iron ore output.
Rio said it had achieved a "strong set of results in the third quarter" to the end of September despite falling commodity prices due to slowing in its crucial China market.
"Markets remain volatile, but our business is resilient and our operations are performing strongly," Rio Tinto chief Tom Albanese said.
"We have delivered another strong set of production results in the third quarter."
Rio kept its previous full-year guidance of 250 million tonnes for iron ore, 8.5 million tonnes for steelmaking coal and 19.5 million tonnes for thermal coal, which is burned to produce electricity.
The firm reported global iron ore production of 67 million tonnes in the three months to September, up five percent on the same period last year, including a record 63 million tonnes at its flagship Australian operations.
Rio is preparing a major expansion at its Western Australian Pilbara project from 230 million tonnes a year to 283 million by the end of 2013 and it said it had produced more iron ore than it sold, to build up a backlog that will see it through the extension works.
Hard coking coal, used in steel furnaces, was 2.3 million tonnes in the quarter, 16 percent lower that the previous corresponding period, due to maintenance and scheduled shutdowns for expansion activity.
Thermal coal burned to produce electricity improved 18 percent on the third quarter of 2011, with production of 5.4 million tonnes.
In August the mining giant reported a 22 percent slump in first-half profit to US$5.9 billion due to commodity price falls, but was upbeat about longer-term demand prospects.
China's slowdown has seen a number of mining companies shelve or delay projects in minerals-rich Australia, where a bullish exchange rate is also squeezing company margins.
