Rio Tinto sets iron ore record, cuts costs

Jan 16, 2014 | 01:12 PM |

Tags  Rio Tinto, Sam Walsh, Pilbara, iron ore production, iron ore shipments, bauxite production, copper production

SHANGHAI — Rio Tinto Plc shipped 72.4 million tonnes of iron ore from its mines in the fourth quarter of 2013, setting a quarterly record.

The sales volume represented an 8-percent increase from the previous quarter and a 6-percent gain from the year-ago period, the company said Jan. 16.

Meanwhile, the London-based global miner said it had trimmed its annual costs by $2 billion.

“We have exceeded our cost-cutting targets for the year and announced or completed $3.5 billion of non-core asset sales,” chief executive officer Sam Walsh said in a statement.....

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