Rio Tinto Produced Record Amount of Iron Ore on China Demand

Mining company Rio Tinto (RIO) produced record quantities of iron ore in the third quarter on rampant demand from China.

The company produced a whopped a 47.6 million tons of iron ore in the three months to September, BBC News said.

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China is importing huge amounts of iron ore to make steel for its fast-growing economy. China, now the world's second-largest quarter, grew at an annual rate of more than 10% in the first six months of the year.

Rio Tinto's Australia-listed shares rose to the highest in two years after the iron ore announcement.

The company said it is running its mines at full capacity to take advantage of high commodity prices, and that it produced record amounts of alumina and coking coal.