Rio Tinto Limited (ASX:RIO) says it’s on track to produce more than 240 million tonnes of iron ore this year, compared with 239 million tonnes last year.
The company has expects to spend more than $1.1 billion to expand its iron ore mines over the next five years, and by mid-2013, Rio has forecasted output to climb to 283 million tonnes, then 333 million two years after that.
The company told the Australian Stock Exchange: "further growth options to 433 million tonnes per year are very clear, with early studies underway."
Rio Tinto said the increase in output this year would be achieved despite a slow first quarter, when production was reduced by severe weather that led to a train derailment in the Pilbara.
In the second half of 2010 Rio Tinto Limited (ASX:RIO) reported a profit of $14.9 billion.
