RIO TINTO INCREASES PRODUCTION IN 17%

Rio Tinto posted a 17 percent rise in third quarter iron ore production, remaining on track to meet full year guidance of 340 million tonnes.

Rio announced on Friday it shipped 91.3 million tonnes of iron ore in the three months to September while production was up 12 percent at 86.1 million tonnes, reported Xinhua.

The mining giant drew on stockpiles from both its Australian and Canadian operations - four million tonnes and one million tonne respectively - to boost sales.

Rio was forced to pare back a previous production target of 350 million tonnes earlier in the year following unseasonal weather events, including two cyclones, near it's Australian mines.