By Peter Ker
Rio Tinto has increased production of its major commodities, posting strong results for iron ore, copper and coal in the three months to June 30.
When combined with its joint venture partners - including Gina Rinehart's Hancock Prospecting - Rio produced 62 million tonnes of iron ore in the June quarter, beating the 59 million tonnes produced during the cyclone-ravaged first quarter.
Even so, Rio shares lost ground after the release of output figures, losing 50 cents, or more than 1 per cent, to $54.45, a short time ago.
Iron ore is Rio's most important commodity, and is responsible for more than 75 per cent of profits.
The company shipped 115 million tonnes over the past six months, which was 4 per cent more than the same period last year.
Rio is in the process of expanding its Pilbara iron ore operations, and is expected to continue improving on its production rates for the foreseeable future.
Copper production was also up 5 per cent from a year earlier, while coking coal production was also higher.
Production of thermal coal, which is suffering a slump in prices, was steady compared with the same period last year.
Rio boss Tom Albanese said Rio's business remained resilient to the volatility that was sweeping the world economy.
“Global economic conditions and sentiment dropped markedly in the second quarter," he said. "We are keeping a close eye on the pace of the US recovery, the continuing eurozone crisis and the impact of efforts to stimulate the Chinese economy on the markets that we serve."